Oil Falls to Two-Week Low as Japan Fuel Demand May Drop on Quake
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Oil fell to a two-week low in New York amid concern that the earthquake in Japan may reduce fuel demand in the world’s third-largest crude consumer.
Prices dropped as much as 1 percent after reports of additional damage and fires at a nuclear plant underscored the extent of destruction across Japan. About 1.3 million barrels a day, or 29 percent, of Japan’s refining capacity was closed after the country’s largest temblor on record. Oil gained 1.1 percent earlier on speculation unrest in the Middle East may lead to supply disruptions.