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Oil prices fall in Asia amid crises in Japan and Libya

New York's main contract, light sweet crude for delivery in April, dipped 58 cents to $100.61 per barrel while Brent North Sea crude for April lost 72 cents to $112.95.

ITGD Bureau   New Delhi     Last Updated: March 15, 2011  | 11:41 IST

Crude fell in Asia on Tuesday as traders continued to assess the impact on demand caused by the Japanese nuclear crisis and earthquake as well as ongoing troubles in West Asia, analysts said.

New York's main contract, light sweet crude for delivery in April, dipped 58 cents to $100.61 per barrel while Brent North Sea crude for April lost 72 cents to $112.95.

For now, it appears that oil demand would not be as hard hit as previously thought, analysts said.

"Crude oil demand (from Japan) will therefore decrease but then Japan will likely boost import of oil products such as fuel oil and diesel fuel for power generation use," said Victor Shum, senior principal for Purvin and Gertz energy consultancy in Singapore.

Japan, the world's third largest economy, is also the third largest oil-consuming country.

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