Oil falls after earthquake and tsunami hit in Japan (Reuters) (11-03-2011)

LONDON – Oil dropped more than $3 on Friday, with U.S. crude falling below $100, after an earthquake rocked Japan creating a 10-meter tsunami and shutting down dozens of plants in the world's third-largest oil consumer.

U.S. crude fell to as low as $99.01 a barrel and was trading at $99.65 by 1400 GMT (9 a.m. EST). ICE Brent crude fell $2.31 to $113.12 a barrel by the same time. It has fallen from a 2-1/2-year high of $119.79 on February 24.

Japan is the third-largest energy consumer after China and the United States and imports almost all its energy needs.

The earthquake triggered a 10-meter tsunami which spread across the Pacific. The Japanese government declared emergency at nuclear power plants and evacuated thousands of residents. No radiation leak had been reported so far.

The unrest in oil rich North Africa and the Middle East has so far taken precedence over economic woes. Friday protests are also planned in other Gulf countries such as Yemen, Kuwait and Bahrain, after the day's religious prayers, inspired by upheavals in Tunisia and Egypt.

Source: Reuters