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Dubai Shares Tumble Most in a Week on Oil; Emaar Leads Drop

Bloomberg.com -- Crude slumped to $65.63 a barrel in New York after U.S. unemployment rose to the highest in almost 26 years, signaling the world’s largest energy user remains mired in recession. Prices may drop next week on speculation that U.S. fuel inventories will climb as the weak economy curbs demand, according to a Bloomberg News survey of analysts.

The United Arab Emirates requires oil at $70 a barrel to balance its current accounts and fiscal spending, while Qatar and Kuwait needs to sell oil for $55 a barrel to break even, Citigroup Inc. said in a note last year. The Gulf produces about 20 percent of the world’s oil, the main source of revenue for the region’s budgets.

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Submitted Jul 05, 2009 By: Hamish

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murdershewrote Champion Author Riverside Posts:4,647 Points:1,636,235 Joined:Mar 2005	Message Posted: Jul 5, 2009 8:42:39 AM Ignore murdershewrote Report Abuse good...drop some more
biza4u Champion Author New Haven Posts:3,626 Points:660,430 Joined:Jan 2007	Message Posted: Jul 5, 2009 8:38:02 AM Ignore biza4u Report Abuse I am always looking for ways to save so hopefully it drops even more
buckoMD Champion Author Maryland Posts:3,240 Points:711,950 Joined:Jul 2007	Message Posted: Jul 5, 2009 8:36:08 AM Ignore buckoMD Report Abuse They're looking at at least 3 quarters of more of the same. Oil prices cannot rebound without speculators being behind it. And that's always a temporary effect.
tom11743 Champion Author North Carolina Posts:1,740 Points:421,170 Joined:May 2005	Message Posted: Jul 5, 2009 8:34:58 AM Ignore tom11743 Report Abuse There will be manipulation to keep the prices high.
montana920 Champion Author Chicago Posts:3,545 Points:685,375 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:33:34 AM Ignore montana920 Report Abuse It seems to be a tough world economically for everyone. I see the common denominator here as GREED. Can it be that even the Arabs are outspending their income? The price of oil going down as need or use decreases only makes sense. Now we need the price of gas to come down accordingly.
gasman50 Champion Author Portland Posts:3,938 Points:1,439,755 Joined:Nov 2005	Message Posted: Jul 5, 2009 8:30:26 AM Ignore gasman50 Report Abuse all the more reasn for us to drill here, drill now and build nuke plants
Tatalah Champion Author Riverside Posts:5,760 Points:1,505,335 Joined:May 2003	Message Posted: Jul 5, 2009 8:28:28 AM Ignore Tatalah Report Abuse Poor OPEC may not get to develop their nukes in a timely mannor
CruisinLinda Champion Author Tallahassee Posts:6,458 Points:1,293,150 Joined:Sep 2005	Message Posted: Jul 5, 2009 8:26:03 AM Ignore CruisinLinda Report Abuse The consolation of a lousy economy is cheaper oil. The UAE, Qatar and Kuwait better had banked their windfall profits last July when the oil price was double at $140 per barrel.
spunky4443 Champion Author Washington Posts:4,019 Points:1,052,195 Joined:May 2005	Message Posted: Jul 5, 2009 8:24:13 AM Ignore spunky4443 Report Abuse Oh Baloney they make money no matter what the cost of oil is.
bluebird1 Champion Author Toronto Posts:10,737 Points:2,148,245 Joined:May 2004	Message Posted: Jul 5, 2009 8:23:02 AM Ignore bluebird1 Report Abuse Hooray, if only gas prices followed oil!!!
4warned Champion Author Michigan Posts:4,253 Points:1,259,885 Joined:Nov 2006	Message Posted: Jul 5, 2009 8:21:07 AM Ignore 4warned Report Abuse How can they budget on $70 a barrel? That means they will probably do anything they need to drive the prices up.
Lonewolftx Champion Author Houston Posts:7,574 Points:1,504,590 Joined:Sep 2005	Message Posted: Jul 5, 2009 8:20:42 AM Ignore Lonewolftx Report Abuse Well maybe a fall to the 50's . . .
REVLAW Champion Author San Antonio Posts:5,434 Points:1,035,040 Joined:Jul 2007	Message Posted: Jul 5, 2009 8:19:22 AM Ignore REVLAW Report Abuse When you are sinking and drowning, it is hard to find empathy for someone clinging to a life jacket.
gabbygusIN Champion Author Indiana Posts:2,380 Points:598,075 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:18:15 AM Ignore gabbygusIN Report Abuse Speculators rule the oil market!