Business | Economy
US woes send oil prices tumbling
More bad economic news from the US sent oil prices tumbling yesterday, with a barrel of crude briefly fetching less than $37 (Dh135.8) in thin Christmas Eve trading.
Vienna: More bad economic news from the US sent oil prices tumbling yesterday, with a barrel of crude briefly fetching less than $37 (Dh135.8) in thin Christmas Eve trading.
Expectations of further buildups in US stocks also kept a low ceiling on prices. After dipping as low as $36.63, light, sweet crude for February delivery recovered slightly but was still down $1.87 at $37.11 a barrel by afternoon in Europe in electronic trading on the New York Mercantile Exchange.
A steady stream of dismal US data during the past few months has hammered investor confidence.
More from Economy
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular

