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Fri 27 Nov 2009 11:51 AM

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US crude falls below $74 on Dubai debt fears

US crude prices extend their decline from the previous day as investors pare their positions.

US crude fell below $74 a barrel on Friday, extending its decline from the previous day, as nervous investors roiled by debt problems in Dubai pared their positions.

US crude for January delivery stood at $73.84 by 0744 GMT, down $1.44 from earlier on Friday. London Brent crude fell $1.66 to $75.33.

Dubai said on on Wednesday that it would ask creditors of state-backed Dubai World and one of its units to agree to delayed debt repayments as a step towards restructuring. Dubai World has $59bn of liabilities, representing a large part of Dubai's total debt of $80bn.

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