Oil prices tumble
Source: Agencies |
March 12, 2011, Saturday
|
Print Edition
Print Edition
OIL prices have dropped below US$100 per barrel for the first time in more than a week after a massive earthquake spawned a tsunami that slammed into north Japan.
Japan is the third-largest oil importer in the world. It's unclear how much its economy will be affected by the disaster. But the news helped slow down what had been a three-week rally in oil markets.
Benchmark West Texas Intermediate for April delivery tumbled US$2.80, or 2.7 percent, to US$99.90 per barrel on the New York Mercantile Exchange. The price crossed the US$100 mark last week because of Middle East tension.
Gasoline prices in the United States continue to rise. The national average for regular unleaded rose above US$3.54 per gallon overnight.
Japan is the third-largest oil importer in the world. It's unclear how much its economy will be affected by the disaster. But the news helped slow down what had been a three-week rally in oil markets.
Benchmark West Texas Intermediate for April delivery tumbled US$2.80, or 2.7 percent, to US$99.90 per barrel on the New York Mercantile Exchange. The price crossed the US$100 mark last week because of Middle East tension.
Gasoline prices in the United States continue to rise. The national average for regular unleaded rose above US$3.54 per gallon overnight.
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