Tuesday 15 March 2011

Oil down more than $2 on Japan nuclear fears | Reuters

Brent crude fell by as much as 2.2 percent to below $112 as a deepening nuclear crisis in Japan and rising radioactivity levels heightened risk aversion across financial markets.

Japanese authorities warned that radiation levels had become significantly higher around the nuclear power plant on Tuesday after explosions at two reactors, and the French embassy said a low-level radioactive wind could reach Tokyo within hours.

April Brent fell $2.04 to $111.63 a barrel at 0922 GMT after trading as low as $111.19. Prices on Monday touched a two-week low of $111.16, down more than 7 percent from a 2-1/2 year high hit on February 24. U.S. crude for April dropped $2.16 to $99.03.

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