England's White Dragon

England's White Dragon
England's true Flag

Friday, 11 March 2011

Oil slides below $100

Oil slides below $100
on Japan disaster and the cost of fuel still going up?




Oil prices continued to slide this Friday, dropping below
$100 per barrel for the first time in more than a week, after a massive
earthquake spawned a tsunami that slammed into northern Japan.


But you bet petrol and diesel prices won’t come down, as the
greed of the companies continues to grow



Japan is the third-largest oil importer in the world. It's
unclear how much its economy will be affected by the disaster, yet the news
helped slow down what had been a sharp, three-week rally in oil markets.
Benchmark West Texas Intermediate for April delivery tumbled $1.60 to $101.10
per barrel in midday trading on the New York Mercantile Exchange. Prices fell
as low as $99.01 per barrel at one point.


Oil prices have surged 24 per cent since the middle of
February, crossing the $100 mark as uprisings in Libya forced much of the
country's oil production to shut down.


The wave of pro-reform protests across North Africa and the
Middle East have rattled energy markets, and many oil traders fretted about
unrest spreading to Saudi Arabia. Rallies planned in that country for Friday
appeared to draw small crowds, and none in the capital, as Saudi rulers
deployed hundreds of police and blocked roads. Officials also beefed up
security around the country's oil fields.


And David Cameron the British MP said he would be looking to
reducing the cost of fuel but so far done nothing to help the poorer motorist,
petrol and diesel prices have doubled in England in less than a year.


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