{"id":313915,"date":"2011-03-16T12:39:11","date_gmt":"2011-03-16T12:39:11","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/16\/oil-price-up-as-turmoil-continues\/"},"modified":"2011-03-16T12:39:11","modified_gmt":"2011-03-16T12:39:11","slug":"oil-price-up-as-turmoil-continues","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/16\/oil-price-up-as-turmoil-continues\/","title":{"rendered":"Oil price up as turmoil continues"},"content":{"rendered":"

\n \t\t
\n 16 March 2011<\/span>
\nLast updated at <\/span>08:39 ET<\/span>
\n<\/span><\/p>\n

Oil prices have risen on worries over the unrest in the Arab world and concerns over the Japan nuclear crisis.<\/p>\n

Brent crude rose by 2%, or $2.13, to $110.65 a barrel, rebounding from near a three-week low. US light, sweet crude was higher at $98.55 a barrel.<\/p>\n

There were new protests in the oil-producing Middle East, including a crackdown in Bahrain and Yemen.<\/p>\n

And technicians in Japan continued to work to avoid a meltdown at a nuclear power plant.<\/p>\n

Engineers are racing to avert a nuclear catastrophe at the Fukushima Daiichi power plant, which is 220km (140 miles) from Tokyo.<\/p>\n

Japan – devastated by last Friday’s earthquake and tsunami – is world’s third-largest economy. <\/p>\n

Oil exports<\/strong><\/p>\n

Oil prices have yet to benefit from an expected increase in Japanese demand for gas and fuel oil for power generation to replace some of the lost nuclear capacity.<\/p>\n

Reconstruction efforts will boost Japanese oil burning by around 500,000 barrels per day, according to JBC Energy Research Centre.<\/p>\n

Continue reading the main story<\/a><\/p>\n

\t<\/p>\n

\t<\/p>\n

In Bahrain, troops from Saudi Arabia have participated in a crackdown on protesters. The tiny kingdom is near the heart of the Saudi oil industry around Dhahran, which has the world’s largest oil fields.<\/p>\n

The country’s Sunni rulers have declared martial law and the country’s stock markets have closed.<\/p>\n

Meanwhile, in Libya, forces loyal to leader Col Muammar Gaddafi made their first ground assault on rebel-held Ajdabiya. <\/p>\n

Libyan oil exports go predominately to the European market – for which Brent is the leading price benchmark.<\/p>\n

Separately, an explosion has been reported an area in Nigeria’s main oil-producing region, according to a military spokesman.<\/p>\n<\/p><\/div>\n<\/p>\n

See original here:
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