Crude oil falls to $98 on nuclear crisis in Japan

PTI Singapore | Updated on March 17, 2011

World oil prices dipped in the Asian trade today as worries over Japan’s nuclear crisis outweighed unrest in West Asia.

New York’s main contract, light sweet crude for delivery in April, lost 37 cents to $97.61 per barrel while Brent North Sea crude for May was down 53 cents at $110.07.

“Uncertainties about radiation causes risk aversion among investors so we’re seeing crude falling,” said Mr Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.

“The equities market in Japan is also falling as a result of the nuclear crisis, which appears to be worsening.”

Published on March 17, 2011

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