NEW YORK (Reuters) - Oil Prices Fell On Friday after a massive earthquake shook Japan, shutting Refineries and Other industrial facilities in the World's Third-largest oil consumer and triggering at Broad sell-off in commodities.
Muted protests in Saudi Arabia Contributed To The sell-off by investors spooked by Who HAD Been plans for "day of rage" demonstrations in the World's top oil export. Have funds bailed out of Oil Market For the past SEVERAL days after lifting Their positions had to record high as of Tuesday.
U.S. heating oil and gasoline future Held Up Better Than crude, Receiving support from expectations That Japan Will require more fuel imports the after the quake and Tsunami Affected about a fifth of STI capacity.
Brent crude futures for April delivery Fell $ 1.59 to settle at $ 113.84 a barrel, 1.8 percent is Losing the Week, The first loss in seven weeks and sincere Biggest November.
U.S.crude futures for April delivery Fell $ 1.54 to settle at $ 101.16 a barrel, off a low of $ 99.01. It Fell 12.3 Percent On The Week, icts first weekly loss in oven. Trading volume Was Light, however, has about 670.000 lots, Nearly A Third Of The average below-the past month.
The U.S. front-month heating oil crack spread, or profit margin Refining, rose $ 1.21 to $ 26.39 a barrel at 4:45 pmIS, while gasoline crack spread The rose 67 cents to $ 24.79.
"From an oil pricing perspective, The situation in Japan IS Likely to result in negative impact it has crude oil and a positive Prices for Refined Products," Said Dominick Chirichella, senior partner at the Energy Management Institute in New York.
Japan WAS hit by a magnitude 8.9 earthquake, The Largest sincere comments Began In The late 19th century.
Top Japanese refiner Nippon Oil JX & Energy Corp. (JXHLY.PK) halted operations at Three Plants and Fire Engulfed a storage tank at a unit of Cosmo Oil Co (5007 inferred heaters.T).
MIDDLE EAST PROTEST
The Japanese quake triggered across-the-board selling in commodities funds have piled Who HAD Into Markets That Were at near record highs Took gold profits in the Face of Uncertainty.
Speculator 'net-long positions in U.S.future crude rose to a record high in the Week to March 8, The Commodity Futures Trading Commission Said In A Report on Friday.
Traders pared positions are signs aussi That a security Clampdown in Saudi Arabia's capital Kept A lid was Planned protest, unrest and demonstrations Even As Continued to rumble in nearby Kuwait, Bahrain and Yemen.
Continued fighting in OPEC-member Libya. Rebels repelled a counter-offensive by leader Muammar Gaddafi's forces, goal decision being to foreign Powers to impose a no-fly zone to stop Further attacks. Most analysts now Have Written off "any chance of a quick return of Libyan production.
CHINA, U.S. ECONOMIC DATA
Even With The focus on Japan, the Middle East and North Africa, brokers and analysts Said Oil Prices Felt pressure from Chinese news That inflation topped expectations in February, triggering more Possibly Monetary Tightening dampen oil demand That Could in the World's No.2 oil consumer.
Rising Gasoline Prices Pushed to U.S. consumer sentiment icts Lowest level in five months in early March, a Thomson Reuters / University of Michigan survey showed.
A Separate Reports That showed U.S. retail sales posted Their Largest Gain in Four Months in February.
(Additional reporting by Gene Ramos and Janet McGurty in New York, Ikuko Kurahone in London and Alejandro Barbajosa in Singapore, Editing by Marguerita Choy and David Gregorio)
