Chemical News
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Asia:Oil dips again on demand concerns over Japan
https://www.chemnet.com Mar 18,2011 commodityonline
World oil prices pared overnight gains in early Asian trade Thursday on demand concerns after Japan ordered citizens to take extreme care on radiation threats.
Analysts said fresh concerns over Japan offset fears about Middle East and North Africa which boosted oil prices overnight.
Light sweet crude for April delivery was seen trading at $97.61 a barrel at 12.00 noon Singapore time while Brent crude for May settlement was at $109.82 a barrel in London.
The black gold is likely to remain highly volatile for the rest of the week focusing both Japan and the MENA region for further clues, analysts added.
Japan raced to avert a nuclear catastrophe at plant stricken by Friday's powerful 9.0 magnitude quake.
On Wednesday, oil rose as much as 2.5 percent yesterday as violence in Bahrain increased concern that unrest will spill into world's largest oil exporter Saudi Arabia.
light sweet crude for April rose 80 cents to close at $97.98 a barrel. In London, Brent North Sea crude for delivery in April settled at $110.62 a barrel.
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