Crude oil rose in New York after the United Arab Emirates’ central bank said it “stands behind” the country’s banks, easing concerns about a possible default by Dubai World. Oil gained as much as 0.9 percent after the Abu Dhabi based U.A.E. central bank said yesterday lenders will be able to borrow using a special facility tied to their current accounts. The dollar declined against the euro, bolstering the attraction of commodities as an alternative investment.
“The market is still coming to terms with the implications of the Dubai debt scare for oil,” said Toby Hassall, research analyst with CWA Global Markets Pty in Sydney. The move by the U.A.E central bank could be a “positive sign,” he said. Crude oil for January delivery gained 45 cents, or 0.6 percent, to $76.50 a barrel in electronic trading on the New York Mercantile Exchange at 12:09 p.m. Sydney time. It earlier dropped as much as 0.3 percent.....Read the entire article.
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