Dubai Light Crude prices have plunged overnight, crashing the spot price below the 2008 lows for the first time, to its lowest since 2004. This is continuing to weigh on Dubai’s once-exuberant equity market which just hit fresh 2-year lows as financials and property companies plunge.

Worst in 11 years…

Driving the exuberant money-chasers out o fthe nation’s stock market… (and do not forget we market the top in 2014 when a company that actually did nothing saw its IPO oversubscribed 36x)…

And finally this is why all of this is a problem… when there is no equity to back that ‘skyscraper’ of debt, the contagion will spread.

One supports the other… and vice versa.

Though we do note that Dubai’s crude is not the lowest priced…

Charts: Bloomberg