Oil recovers as Dubai woes ease

Oil recovers as Dubai woes ease

Updated at: 0909 PST, Monday, November 30, 2009 SINGAPORE: Oil prices perked up in Asian trade Monday as investor worries over Dubai's debt crisis receded, analysts said. New York's main contract, light sweet crude for January delivery, gained 49 cents to 76.52 dollars a barrel. Brent North Sea crude for January delivery rose 37 cents to 77.55 dollars. "It seems to have calmed down," said Victor Shum, a Singapore-based analyst with the Purvin and Gertz energy consultancy. "Reassurances from various governments have returned a bit of calm to the financial markets and oil markets, so oil pricing has gone up from the settlement price on Friday," he said.