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				Oil prices drop in wake of Japan tsunami
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					Posted: 
					
						Mar 15, 2011 10:49 AM
					
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					Last Updated: Mar 27, 2012 08:33 AM
				
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				<p>NEW YORK &ndash; 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.</p>
<p>Lower demand due to the earthquake, tsunami, and subsequent nuclear crisis in Japan brought prices tumbling, <a target="_blank" href="http://online.wsj.com/article/BT-CO-20110315-706603.html ">according to various reports. </a><br />
<br />
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.</p>
<p>Concerns that Japan's economy &ndash; the largest in the world &ndash; could remain at a standstill could send prices down even further. Japan is also the third largest consumer of oil products in the world.</p>
<p>However, the production halt at some of Japan's nuclear plants may boost demand for other fuels, such as liquefied natural gas and diesel.&nbsp;</p>
			
				
				
			
				
				
			
			
			
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