The commodity oil prices at global level plunged as commodity markets across the globe reeled under the impact of the powerful earthquake and tsunami that shocked Japan. The commodity crude for April delivery ended trading at $101.16 a barrel after hitting as low as $99.01 a barrel earlier in the day.
London’s Brent crude futures for April delivery fell $1.59 to settle at $113.84 a barrel, losing 1.8 percent on the week.
Commodity Gold futures for April delivery rose $9.30, or 0.7 per cent, to settle at $1,421.80 on the Comex in New York, the biggest gain for a most-active contract since March 4.
The commodity gold climbed the most in a week as Japan’s earthquake impact boosted it safe haven appeal already up by tensions in the Middle East and North Africa.
The commodity Silver futures for May delivery gained 86.9 cents, or 2.5 per cent, to $35.935 an ounce. This week, the price gained 1.7 per cent, the seventh straight gain and the longest rally in three years. The metal has more than doubled in the past 12 months.
Commodity Analysts expect that oil will fall further during next week as they see Japan is lacking for crude imports and also on chances of follow up tsunamis in coming days. Japan is the world’s third- largest oil user.
The commodity market for heating oil and gasoline futures held up better than crude, receiving support from expectations that Japan will require more fuel imports after the quake and tsunami affected about a fifth of its capacity.
Japan on Friday closed most of its refineries other industrial facilities in the affected areas as the Nippon nation scrambled to reduce pressure in two nuclear plants damaged due to quakes.
Analysts said impacts from protests, though thinner, in Saudi Arabia were offsetted by Japanese tsunami and resulted in sharp declines in oil and gains for gold.
A day after the devastating quake, japan said it was still too early to grasp the full extent of damage or casualties. The confirmed death toll so far is almost 300, though media reports say it is at least 1,300.
London’s Brent crude futures for April delivery fell $1.59 to settle at $113.84 a barrel, losing 1.8 percent on the week.
Commodity Gold futures for April delivery rose $9.30, or 0.7 per cent, to settle at $1,421.80 on the Comex in New York, the biggest gain for a most-active contract since March 4.
The commodity gold climbed the most in a week as Japan’s earthquake impact boosted it safe haven appeal already up by tensions in the Middle East and North Africa.
The commodity Silver futures for May delivery gained 86.9 cents, or 2.5 per cent, to $35.935 an ounce. This week, the price gained 1.7 per cent, the seventh straight gain and the longest rally in three years. The metal has more than doubled in the past 12 months.
Commodity Analysts expect that oil will fall further during next week as they see Japan is lacking for crude imports and also on chances of follow up tsunamis in coming days. Japan is the world’s third- largest oil user.
The commodity market for heating oil and gasoline futures held up better than crude, receiving support from expectations that Japan will require more fuel imports after the quake and tsunami affected about a fifth of its capacity.
Japan on Friday closed most of its refineries other industrial facilities in the affected areas as the Nippon nation scrambled to reduce pressure in two nuclear plants damaged due to quakes.
Analysts said impacts from protests, though thinner, in Saudi Arabia were offsetted by Japanese tsunami and resulted in sharp declines in oil and gains for gold.
A day after the devastating quake, japan said it was still too early to grasp the full extent of damage or casualties. The confirmed death toll so far is almost 300, though media reports say it is at least 1,300.
