Brent drops $3/bbl as Japan earthquake adds uncertainty

11 March 2011 13:11  [Source: ICIS news]

LONDON (ICIS)--Oil prices fell more than $3/bbl on Friday to take Brent crude on ICE Futures close to $112/bbl over worries that demand from Japan could drop after the country suffered a major earthquake and tsunami.

The quake added to investors' uncertainties about Europe’s sovereign-debt crisis and the political unrest in the Middle East, an oil analyst at Commerzbank said.

By 12:40 GMT, April Brent crude had hit a low of $112.25/bbl, a loss of $3.18/bbl from the Thursday close of $115.43/bbl, before recovering to around $112.85/bbl.

At the same time, April NYMEX light sweet crude futures was trading around $99.95/bbl, having hit a low of $99.01/bbl, a loss of $3.69/bbl from the previous close.

($1 = €0.73)

By: Giovanni Coiro
+44 20 8652 3214

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