Oil falls below $75 on Dubai restructuring

London: Oil prices sank to six-week lows below $75 (Dh275.2) a barrel yesterday on Dubai's restructuring efforts of its government-owned Dubai World conglomerate.

US crude for January delivery was $74.42 a barrel by 1445 GMT in electronic trading, having shed $4 at one point, more than 5 per cent below Wednesday's settlement. There was no settlement price on Thursday because US markets were closed for Thanksgiving.

London Brent crude fell $1.35 to $75.65.

"Oil reacted in relation to equity markets and a stronger dollar. Some of the exaggeration is coming from lower liquidity on the market because of the holiday," said Harry Tchilinguirian, senior commodity analyst at BNP Paribas.

"In terms of fundamentals, nothing has changed in the market."