Go Finance Reporting in NEW YORK - Crude oil prices skyrocket later torn down sharply in trading Tuesday in New york. Commodity prices were sluggish due to induced nuclear disaster in Japan.
Quoted by AFP on Wednesday (03/16/2011), oil prices based on New York futures contract, light sweet crude for April delivery closed at USD97, 18 per barrel. This figure is down $ 4, 01 from its closing level on Monday.
As for London, the price of Brent North Sea crude oil for April delivery dropped $ 5, 15 and parking at USD108, 52 per barrel. "There are so many uncertainties in today's market," said Myrto Sokou Sucden analyst.
He said the current oil market tends to decline, due to heavy losses in global equity markets and the collapse of the Nikkei by 10 percent, amid serious concerns about potential nuclear disaster in Japan.
"Market sentiment has made investors injured and there is serious risk appetite so that weight pushing investors to sell off," he said.
Known, Japan which is the third largest world economy became the third largest oil consuming nation. Demand for crude oil was expected to fall after the worst earthquake in history to cause a tsunami.
For your information, after several explosions at the Fukushima nuclear plant, radiation levels have increased and there are fears of major leak.
"Leakage radiation is likely to hamper economic activity so that reconstruction and reduced oil consumption," said chief commodities analyst at Swedish bank SEB, Bjarne Schieldrop.
Traders were also watching the continued widespread unrest in Bahrain, neighboring Saudi Arabia, the world's largest oil exporter.
On the other hand, disruption of oil production in Libya are also included in the radar of investors. The petroleum production almost stopped in Libya because of unrest in the country. (GoFinance)
No comments:
Post a Comment