New York's main contract, light sweet crude for January delivery, retreated USD 1.80 to USD 76.16 a barrel.

Brent North Sea crude for January delivery sank USD 1.42 to USD 77.02 a barrel in late London deals.

Global equities plunged today, with Europe down three per cent after Dubai's shock call to suspend the debt of a key state company fuelled anxiety about excessive public borrowing, analysts said.

US markets were shut today for Thanksgiving.

Crude futures meanwhile slid one day after surging on US economic data that signalled a possible upturn in demand for energy in the United States -- the world's biggest oil-consuming nation.

Fresh US data showed jobless claims fell in the week ending November 21 to an adjusted 466,000, the lowest amount since September 2008.

A separate report showed consumer spending rose more than expected in October, and a third said sales of new homes rose at their strongest pace since September 2008.

"The overwhelming (market) sentiment was based on the economic news," said Andy Lipow, analyst at Lipow Oil Associates.