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Crude Oil Recoups Some Losses, But Closes Notably Lower 74 days ago
(RTTNews) - Crude oil prices dropped sharply on Friday as Dubai debt concerns led to a sell-off of commodities. The decline took oil to a six-week low.
Light sweet crude oil for December delivery finished at $76.05 a barrel, down $1.91 on the session. Crude earlier hit as low as $72.39.
The U.S. dollar gave back some of its gains against the euro, limiting oil's hedge value. The greenback had surged to a weekly high against the euro and also gained on the pound.
On Thursday, Dubai World asked to postpone payment on some of its $60 billion in debt. Worries about a default have raised significant concerns about the impact on banks and sent global stocks notably lower.
For the week, oil finished up 67 cents amid choppy movement. Crude gained on Wednesday after the Energy Information Administration said crude oil inventories increased by 1.0 million barrels last week, which was less than expected.
On the economic front, Chicago PMI data is expected at 9:45 a.m. ET on Monday. A reading of 54.2 was reported last week.
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