The Azerbaijan State News Agency

ECONOMY

Oil Prices decrease

Baku, Mart 16 (AZERTAC). Brent oil price fell almost six dollars the United States on Tuesday, because of rising concerns about Japan`s potential nuclear disaster.

As reported by AFP, Brent North Sea crude oil for April delivery dropped 5.79 dollars to 107.88 dollars per barrel in afternoon trading in London. Prices later pulled back to 110.87 dollars but still down 2.80 dollars compared with the close Monday.

New York`s main contract, light sweet crude for April delivery, fell 2.11 dollars to 99.08 dollars. "There are so many uncertainties in today`s market," said Sucden analyst, Myrto Sokou.

"The oil market in a downtrend, following big losses on global equity markets and the collapse of 10 percent in the Nikkei, amid fears of potential nuclear disaster in Japan."

Japan, the world`s third largest economy, is also the country`s third largest oil consumer, but demand for crude oil is expected to fall after the worst earthquake that ever occurred in Japan that have devastated the country.

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