All my relatives who live in Dubai are extremely worried about the financial troubles it is facing and many a people plan to return to their home country given the uncertainty but as I read this news I came to be aware of the bigger implications of Dubai's financial problems. Oil prices sank below $76 a barrel Friday in Asia as investors curtailed their risky bets on commodities amid uncertainty about the global fallout from Dubai's financial troubles. While I understand that all the oil prices fluctuations make sense but I have to admit I never thiught that way.

Benchmark crude for January delivery was down $2.09 to $75.87 at midday Bangkok time in electronic trading on the New York Mercantile Exchange, extending losses from European trade. Trading in the U.S. was closed Thursday for the Thanksgiving holiday.Just a year after the global downturn derailed Dubai's explosive growth, the emirate is now so swamped in debt that it's asking for a six-month reprieve on paying its bills. Its main development engine, Dubai World, has said it would ask creditors for a "standstill" on paying back its $60 billion debt until at least May, news that roiled markets worldwide.