Oil plummets to $29, dragging world stocks lower

January 15, 2016 6:41 PM

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Oil plummets to $29, dragging world stocks lower

NEW YORK Oil prices plummeted to $29 a barrel Friday on the likely resumption soon of Iranian oil exports into an already flooded market as international sanctions against Iran are lifted, dragging equity indices around the world sharply lower.

Unsettled investors snapped up gold and other safe-haven assets amid fears of a global economic slowdown, coupled with concerns about a potential credit default as lower commodity prices make payments by creditors in emerging markets difficult.

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