Crude oil prices tumble on Dubai news

NEW YORK, Nov. 27 (UPI) -- Crude oil prices per barrel ended lower Friday, closing out the short week at $76.05, down $1.91, or 2.4 percent, on the New York Mercantile Exchange.

The drop was attributed in part to nervous traders reacting to news of a possible $60 billion default by a Dubai conglomerate, MarketWatch.com reported. The per-barrel price tumbled more than 7 percent in intraday trading, but rallied to finish at a 2.2 percent loss.

"Obviously, the markets are being roiled by the Dubai news," said Mike Fitzpatrick, an analyst at MF Global. "It shakes confidence in financial markets and raises the specter of contagion, which could trigger a second wave in the credit crisis."

Natural gas ended up 3 cents, or 0.6 percent, at $5.192 per million British thermal units.

Gasoline lost 3.6 percent to $1.9262 a gallon while December heating oil fell 1.4 percent to $1.9622 a gallon.

At the pump, the national average price of unleaded gasoline was $2.632 per gallon Friday, down from Thursday's $2.633, AAA said.