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

- March 11th, 2011

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

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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