Middle East crude oils for sale to Asia fell the most in more than two weeks after an earthquake in Japan shut as much as a third of the country’s refining capacity.
Oman oil for immediate loading dropped $1.86, or 1.7 percent, to $107.15 a barrel at 4:07 p.m. in Singapore, according to data compiled by Bloomberg. Dubai for loading in May declined 1.7 percent to $106.92 a barrel and Murban crude fell 1.5 percent to $110.94. Prices of the three grades dropped the most since Feb. 25.
Japan was struck by an 8.9-magnitude temblor on March 11 that unleashed a 7-meter (23-foot) tsunami and may have killed 10,000 people in the north of the country. The disaster shut about 1.3 million barrels a day of capacity, or 29 percent of the country’s total of 4.516 million, based on data from the Petroleum Association of Japan.
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