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Crude prices rose in the Asian trade today, led by ongoing tensions in the oil-rich Gulf region and the impact from Japan’s nuclear crisis.
New York’s main contract, light sweet crude for delivery in April, gained $1.65 to $103.07 per barrel while Brent North Sea crude for May was up $1.56 at $116.46.
“The initial reaction to Japan is a sharp drop in oil demand in the short-term,” said Mr Jason Feer, analyst for Singapore-based Argus Media energy market analysts.
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