Oil Falls to Two-Week Low as Japanese Quake May Limit Demand
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Oil fell to a two-week low in New York on concern the earthquake in Japan will limit demand in the world’s third-largest economy.
Prices have dropped 6.1 percent in five days of losses, the longest losing streak in more than a month. Japan was struck by its largest temblor on record on March 11, shutting refineries accounting for 29 percent of domestic processing capacity, according to Bloomberg calculations based on Petroleum Association of Japan data. Canon Inc., Sony Corp. and Nippon Steel Corp. have halted some manufacturing operations.