Quake leads to oil price drop
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.