17 Mar '11, 8pm

Oil prices surge on Japan crisis, Mideast turmoil

NEW YORK - Japan's fast-moving nuclear crisis and more tensions in the oil-rich Gulf region and Libya pushed crude prices sharply higher Thursday. West Texas Intermediate crude for April delivery, the main contract on the New York Mercantile Exchange, rose $3.44 a barrel from late Wednesday to close at $101.42. In London, North Sea Brent jumped $4.28 to settle at $114.90. "We haven't really seen any major change in the market dynamics that really explains today's price move," said Jason Schenker of Prestige Economics. "But if you look across the board, we have generally a bounce-back on a number of markets from recent moves lower," he said. He said traders had their eyes on the Middle East, where tensions continue in Bahrain, and the crisis at Japan's Fukushima nuclear plant. "The chore now for oil market participants will be to parse how much significance to give to sever...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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