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Brent oil trading at $112, Japan earthquake hits markets

Brent oil prices open the week’s trading session back at $112 a barrel as Japan wakes up to a new week seeing over 6 percent wiped off the Japanese stock market following Friday’s earthquake and Tsunami.

Latest Brent Oil Price

In London, Brent crude oil prices for April 2011 delivery was trading at $112.08 a barrel, 06.10 GMT this morning on the ICE Futures Exchange.

Asian markets fell today, with the Nikkei 225 Stock Average tumbling over 6 percent, the most since 2008, after Japan’s biggest earthquake on record sent oil prices lower and spurred a jump in buying gold and default risk.

“I expect a weaker tone to pervade Asian markets. Uncertainty about the ultimate impact of Friday’s earthquake and tsunami are likely to see investors adopt a cautious stance.” said Tim Schroeders, who helps manage $1 billion at Pengana Capital, Australia.

Libya Conflict Continues – Oil Exports Hit

Meanwhile, Libya’s oil minister says the country’s oil production has fallen drastically as Moammar Gadhafi’s forces battle to regain control over ports, towns and oil facilities along the Mediterranean coast.

Fire at Libyan Oil Facility

The minister says he’s asked an Italian oil company Eni SpA for help in putting out a big fire at the Ras Lanouf rahs lah NOOF oil facility. Libyan government forces reclaimed control of the port from rebel fighters this weekend.

“There’s quite a big fire in one of our kerosene storage units, and we’re trying to fight it. We are asking for some help to try to put it down.” said the head of Libya’s National Oil Company, Shukri Ghanem.

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Comments

Talk about sticker shock, On July 7, 2008– the week of July 4th– gasoline was $4.16 a gallon, per historical rates. On July 14th George W. Bush called for Congress to lift oil drilling ban. A week later gas had fallen 5 cents. A month later gas had fallen 37 cents to $3.79. 5 months later gas fell $2.45 to $1.71. Do the math, you all have opposable thumbs!

Use 80 gallons of gas per month at $4.16 and spend a total of $332.80 OR
Use 80 gallons of gas per month at $1.71 and spend a total of $136.80 ??

http://www.kittycatchats.com/2011/03/gas-prices-are-enough-to-give-you-brain.html

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