Wednesday, March 16, 2011

Oil hovers at $97 as traders eye Japan disaster

Wednesday, March 16, 2011

Singapore - floated to a damaged nuclear power plant control after a big loss overnight as Japan fought oil prices close to $97 a barrel Wednesday in Asia, and to cope with a devastating earthquake and tsunami.

Benchmark crude oil April delivery down 19 cents to $96.99 Mercantile Exchange had a barrel at midday Singapore in electronic trading on the New York. The contract fell $4.01 at $97.18 on Tuesday to rules.

In London, Brent crude oil to 25 cents on 108.27 fell $ per barrel on the ICE Futures Exchange.

Global investors fled riskier assets after a massive earthquake and tidal wave of Japan's northeastern coast demolished and an estimated 10,000 people killed. On Wednesday exposed to Japan operations to prevent that a knit nuclear power plant meltdown after surging radiation it too dangerous to stay.

It is "a broad base volume effects in the most equity and commodity markets in connection with the tragic turn of events in Japan", Knight Bush and associates said in a report. "Japanese economic uncertainties are bearish crude oil."

Unrest in Bahrain and Libya oil prices helped support. Troops and police fought with anti-government demonstrators in Bahrain on Wednesday during a month-long fighting between Government and rebel forces in Libya most of the OPEC nation crude oil production is cut.

"The market more about the Middle East, should be concentrated", said Ben Westmore, commodities economist with national Australia Bank. "Not too much displayed more disadvantage, the price of oil from here."

"The market declines have we seen in the last few days, are not justified, since the events in the Middle continue to simmer East can be together and threaten global oil supply."

The American Petroleum Institute said late Tuesday that crude oil stocks rose by 91,000 barrels last week while analysts had forecast survey of Platts, the energy information arm of McGraw-Hill COS., an increase of 2.1 million barrels. Inventories of gasoline fell 458,000 barrels and distillates rose 531,000 barrels, the API said.

The Department of energy energy information Administration reports its weekly supply data later Wednesday.

In other NYMEX trading for April contracts heating oil was up 1.5 cents on $2,94 persons per gallon and gasoline 1.2 cents to $2,79 per gallon. Natural gas rose 2.5 cents on $3.97 per 1000 cubic feet.

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