NEW YORK, Dec. 14 (Xinhua) -- Wall Street refreshed the highs of 2009 on Monday as Abu Dhabi provided a 10-billion-U.S.-dollar bailout to Dubai while Exxon Mobil is to acquire XTO Energy for 31 billion dollars.

    Global equity markets rallied on Monday after the Abu Dhabi government agreed to fund 10 billion dollars to Dubai to meet upcoming obligations on Dubai World.

Exxon Mobil CEO Rex W. Tillerson addresses reporters at a news conference at the conclusion of the Exxon Mobil Shareholders Meeting in Dallas, Texas May 27, 2009. (Xinhua/Reuters File Photo) Photo Gallery>>>

    Dubai World is restructuring its debt of 26 billion dollars, of which a 4.1-billion-dollar debt is due on Monday.

    Abu Dhabi's pledge, which sent world stocks mostly higher, helps ease investor fears that the emirate will default on its debt and slow the global economic recovery.

    Moreover, Exxon Mobil said it will acquire XTO Energy in an all-stock transaction valued at 31 billion dollars on speculation that U.S. emissions restrictions will spur increased demand for natural gas.

    XTO, based in Fort Worth, Texas, is one of the leading developers of unconventional resources including shale oil and gas or gas trapped in sands.

    The deal, which is subject to XTO shareholder approval and expected to close in the second quarter next year, would be the eighth-largest deal ever in the energy and power sector.

    Exxon's shares fell 4.3 percent to 69.69 dollars while XTO shares jumped more than 15 percent to 47.86 dollars on the New York Stock Exchange.

    Shares of Citigroup, recipient of the biggest U.S. bank bailout, fell more than 6 percent, to 3.70 dollars after the company said it will pay back bailout money.

    The New York-based bank has received 45 billion dollars as part of the government's Troubled Asset Relief Program. It will raise the funds with a sale of 20.5 billion dollars of equity and debt.

    The Dow Jones rose 29.55, or 0.28 percent, to 10,501.05. Broader indexes also went higher. The Standard & Poor's 500 index added 7.70, or 0.70 percent, to 1,113.25 and the Nasdaq rose 21.79,or 0.99 percent, to 2,206.04.

Burj Dubai, the world's tallest tower, is seen in Dubai December 14, 2009. Abu Dhabi stepped in to help fellow United Arab Emirates member Dubai with a $10 billion (6.1 billion pound) injection, of which $4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday.  (Xinhua/Reuters Photo) Photo Gallery>>>

Oil extends losing streak 

  NEW YORK, Dec. 14 (Xinhua) -- Crude oil fell for a ninth straight day on Monday as concerns about a persistently weak demand continued to weigh on the market.

    Light, sweet crude for January delivery slumped to as low as 68.59 U.S. dollars a barrel before settling at 69.51 dollars, trading down 36 cents, on the New York Mercantile Exchange. Full story

Dollar dips against major currencies

    NEW YORK, Dec. 14 (Xinhua) -- The dollar fell slightly against major currencies on Monday as a 10-billion-dollar bailout from Abu Dhabi eased worries over Dubai's debt problems.

    The Abu Dhabi government has agreed to fund 10 billion U.S. dollars to Dubai to meet upcoming obligations on the state-owned conglomerate Dubai World. Full story

OPEC weekly oil prices drop significantly

   VIENNA, Dec. 14 (Xinhua) -- The OPEC weekly average prices dropped strongly last week, felling by 3.8 U.S. dollars against the previous week to 73.31 dollars per barrel, the Vienna-based cartel said on Monday.

    The OPEC oil prices had been fluctuating within narrow range for seven consecutive weeks. Since the third week of October until the first week of December, OPEC weekly average oil prices have oscillated within a narrow range from 75.79 to 77.11 dollars a barrel.Full story

Abu Dhabi provides $10 bln to cover Dubai World's debt 

  ABU DHABI, Dec. 14 (Xinhua) -- The Abu Dhabi government has agreed to fund 10 billion U.S. dollars to Dubai to meet upcoming obligations on the state-owned conglomerate Dubai World, the official news agency WAM reported Monday.

    "The government of Abu Dhabi has agreed to fund 10 billion dollars to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," Sheikh Ahmad bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee (SFC), was quoted by the report as saying. Full story

UAE central bank backs banks with exposure to Dubai World 
   
    ABU DHABI, Dec. 14 (Xinhua) -- The Central Bank of the United Arab Emirates (UAE) said Monday that it would stand behind banks in the country including those with exposure to the state-owned conglomerate Dubai World and its subsidiary Nakheel, the official news agency WAM reported.

    The UAE Central Bank, which has been in consultation with the Dubai government over the last two weeks, is pleased to see the Dubai government's announcement regarding Nakheel Sukuk (Islamic bond) earlier in the day, the bank was quoted as saying in a statement. Full story

Russia's crude oil exports increase 1.8% in 2009: deputy PM

    MOSCOW, Dec. 14 (Xinhua) -- Russia's crude oil exports in 2009 rose 1.8 percent year on year, but gas exports tumbled 10 percent, Russian news agencies quoted Deputy Prime Minister Igor Sechin as saying Monday.

    Russia's oil output increased 1.0 percent to 493 million tons this year, with oil exports at 247.4 million tons, up 1.8 percent from the 2008 level, Sechin said at a meeting with President Dmitry Medvedev. Full story