Friday, 11 March 2011

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Oil falls more than $3, U.S. crude below $100

  • Friday, 11 March 2011
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  • LONDON, March 11 (Reuters) - North Sea Brent crude and U.S. crude oil futures NEWOILOIL fell more than $3 on Friday as the powerful earthquakes and tsunami in Japan worsened the global market sentiment.

    Brent crude fell to as low as $112.25 a barrel and U.S. crude dropped to as low as $99.01.

    By 1213 GMT, Brent was trading at $112.76 and U.S. crude was at $99.92.

    A relatively quiet start to planned protests in Saudi Arabia also dented oil prices.

    Saudi Arabia's capital was quiet ahead of a planned day of demonstrations that will test whether activists calling for political reform online will succeed in taking their protests to the streets.

    In Hofuf, more than 200 protesters took to the streets, two activists told Reuters, responding to the call by online social networks for protests in favour of political reform.

    (Source: http://af.reuters.com/article/energyOilNews/idAFLDE72A19U20110311)

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