Reply #3: Oil rises to near $77 as Dubai debt fears ease [View All]

[ozymandius]

KUALA LUMPUR, Malaysia – Oil prices rebounded to near $77 a barrel Monday in Asia as panic about the global fallout from Dubai's debt problems abated.
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The United Arab Emirates central bank took steps to avert any run on banks by panicked depositors, pledging Sunday to offer additional money to foreign and domestic banks in the emirates amid concerns that UAE banks have some of the biggest exposure to Dubai World's debts.

The promise of cheap funds signaled to global investors that the country's federal government — backed by oil money — will do what it can to limit the fallout from the indebted Dubai emirate.
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In other Nymex trading, gasoline for December delivery added 1.13 cents to $1.9375 a gallon but natural gas shed 3.8 cents to $5.154 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices