Oil Caps Its First Weekly Decline in a Month as Japan Quake Shuts Plants

Mar. 11, 2011 02:45PM PST

Bloomberg reports that crude oil dropped in New York after Japan’s strongest earthquake on record shut refineries.

The market news is quoted as saying:

Oil declined 1.5 percent after the 8.9-magnitude temblor unleashed a 7-meter (23-foot) tsunami that killed hundreds of people in the world’s third-largest oil-consuming country. Saudi Arabian police and anti-riot vehicles patrolled central Riyadh today, preventing a “Day of Rage” proclaimed by activists.

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