Oil Falls in New York on Concern Japan Fuel Demand Will Be Weak
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Oil fell in New York on speculation fuel demand in Japan will decline after the world’s third-largest crude consumer suffered its worst earthquake on record on March 11.
Futures dropped as much as 0.6 percent as Japan weighed a postwar-style reconstruction agency to oversee repairs. The country’s economy may not rebound until the second half of this year, according to a Bloomberg News survey of economists. Oil rose earlier on bets increased Allied air strikes in Libya will prolong supply disruptions and turmoil elsewhere in the Middle East will curtail exports.