Oil prices drop in wake of Japan tsunami
NEW YORK – After consecutive weeks of above-$100 oil, the price of a barrel of crude dropped $4 to around $97 on the New York Mercantile Exchange.
Lower demand due to the earthquake, tsunami, and subsequent nuclear crisis in Japan brought prices tumbling, according to various reports.
Oil prices dropped sharply Tuesday, declining $4 drop to near $97 a barrel on lower demand in Japan due to the big earthquake and subsequent in that country.
Concerns that Japan’s economy – the largest in the world – could remain at a standstill could send prices down even further. Japan is also the third largest consumer of oil products in the world.
However, the production halt at some of Japan’s nuclear plants may boost demand for other fuels, such as liquefied natural gas and diesel.
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