Quake leads to oil price drop

Townsville Bulletin - - Investor -

CRUDE oil prices slumped Fri­day af­ter a record earth­quake slammed Ja­pan, the world’s third­largest econ­omy, rais­ing fears of a shock to the global eco­nomic re­cov­ery. Traders eyed lower con­sump­tion in Ja­pan, the world’s third-largest oil im­porter and con­sumer, af­ter a week of prices jump­ing due to Mid­dle East in­sta­bil­ity. New York’s main con­tract, light sweet crude for April de­liv­ery, closed $ 1.54 lower at $ 101.16 a bar­rel. In Lon­don, Brent North Sea crude set­tled at $ 113.84, down $ 1.59. ‘‘ The tragedy in Ja­pan is near-term bear­ish, as im­ports are in­ter­rupted and the mar­ket sheds risk,’’ an­a­lysts said.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.