• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

See More

Oil down amid crises in Japan, Mideast

Mar 15 2011 07:08 AFP

Related Articles

Oil holds above $102 on Saudi worries

Oil eases on Japan pessimism

Oil futures drop on strong dollar

Stocks drop as oil prices edge up

Oil still high on Mid East fear

Oil retreats while markets recover


Singapore - Crude fell in Asia on Tuesday as traders continued to assess the impact on demand caused by the Japanese nuclear crisis and earthquake as well as ongoing troubles in the Middle East, analysts said.

New York's main contract, light sweet crude for delivery in April, dipped 58 cents to $100.61 per barrel while Brent North Sea crude for April lost 72 cents to $112.95.

For now, it appears that oil demand would not be as hard hit as previously thought, analysts said.

"Crude oil demand (from Japan) will therefore decrease but then Japan will likely boost import of oil products such as fuel oil and diesel fuel for power generation use," said Victor Shum, senior principal for Purvin and Gertz energy consultancy in Singapore.

Japan, the world's third largest economy, is also the third largest oil-consuming country.

The Asian powerhouse was hit by a massive 9.0-magnitude earthquake Friday, unleashing a tsunami that battered the country's northeast coast and stretched across the Pacific.

The quake also damaged nuclear power plants, on which the country relies heavily for energy, with concerns growing that one near Tokyo could go into meltdown following several blasts since Saturday.

Continuing unrest in the crude-producing Middle East is also on investors' radar, analysts said.

Saudi Arabia on Monday sent troops into Bahrain to help restore order in the Gulf kingdom amid pro-democracy protests.

The Saudi government said it had responded to a call for help from its neighbor as Saudi-led forces from the Gulf countries' joint Peninsula Shield Force crossed the causeway separating the two countries.

libya  |  japan  |  oil



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Top 10 richest musicians of all time

Check out the gallery to find out who they are!


Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote