Oil and Gas equities recover some of yesterday's losses - Proactive Investors UK

Many US oil traders have been reaching for their ‘Sell Button’ this morning as they return to work with little thanks for the Emirate state-owned Dubai World. While most of America’s oil traders were relaxing at home yesterday, Dubai World sought refuge from its $60 billion debts triggering a global sell off.

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Both equities and commodities came under pressure after Thursday’s news that state owned Dubai World had delayed its debt repayment obligations. Traders in New York and Chicago will now be playing catch-up with their European and Asian counterparts. West Texas Crude fell $5/barrel earlier today amid fears that a potential default in Dubai could seriously hamper the robust economic recovery which appears to be priced into $75+ crude. WTI Futures were last changing hands around $74 after hitting earlier intraday lows of $72.30.

Full Story: Oil and Gas equities recover some of yesterday's losses - Proactive Investors UK