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Oil prices fall heavily

The commodities market is particularly volatile in this weekend. The request by Dubai World, the principal holding company of the emirate, delaying the maturity of its debt worth 59 billion dollars fueling fears of a collapse of the emirate.

Oil prices fall on Friday in the opening exchanges in New York, the price dropping 4.81 dollars to 73.15 dollars, traders worried about the consequences of financial difficulties of the emirate of Dubai on economic recovery .

The announcement by Dubai has cast a pall over the entire finance, equity markets falling heavily Thursday (-3.36% on the European index EuroStoxx50) on all seats worldwide (-3.22 for the Nikkei Friday).Meanwhile, the dollar went back over 1% against the euro to 1.4867 as investors signaling a sudden aversion to risk.

The weaker dollar boosted oil prices and vice versa

It turns out that the dollar and oil, which is priced in U.S. currency, maintain an inverse correlation. A rising dollar is falling and oil prices and other commodities, which is currently the case.

The soaring price of black gold in recent weeks was also based on a general positive sentiment shared by investors in financial markets.Fears emerged with the financial problems of Dubai logically entail a sudden loss of attractiveness of oil.

"Crude oil is still grappling with fundamental bearish, despite the weekly statistics on stocks issued in the United States," said Darin Newsom, an analyst at DTN Telvent on Market Watch. Data released Wednesday showed an expected increase in oil inventories higher than expected.

The ounce of gold was also affected by the downturn in the commodities market, falling 3% to 1157.40 dollars to 10.30.