11/27/2009-Crude prices plunged to almost $74 a barrel Friday as Dubai's debt issues shook global markets, with concern regarding the legitimacy for global economic recovery spiking considerably.

The emirate's largest corporation, Dubai World, has requested a "standstill" from its creditors on paying back its $60 billion debt until at least May. Both S&P and Moody's considered the agreement an official default as they lowered their ratings.

The January contract for light sweet crude was down about 5%, or $4.23, to $73.73 a barrel in electronic trading on the New York Mercantile Exchange as investors rolled into safer investment vehicles from the volatile and riskier commodity.

Shares of Exxon Mobil (NYSE:XOM) are off 1.7% and those of Chevron (NYSE:CVX) are off 1.7%.

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