Commodity Corner: Crude Drops Below $100-Mark

Crude futures plummeted to below $100 a barrel for the first time in more than a week. Light, sweet crude prices settled $2.41 lower Tuesday at $98.78 a barrel.

Prices fell nearly 4 percent as Japan continued efforts to control its nuclear crisis Tuesday. Traders are still trying to determine what effect the Japanese earthquake and tsunami will have on the global oil market.

Meanwhile, fighting continues in the Middle East. Bahrain has declared a state of emergency after having sought Saudi Arabian troops to aid in suppressing anti-government uprisings. Violence rose as the Shi'ite Muslim majority protested against the Sunni-ruled kingdom. In Libya, violence between Gaddhafi loyalists and rebel forces briefly caused prices to recoil from Tuesday's low of $96.71 a barrel.

April gasoline also fell on concerns about the repercussions Japan's strongest earthquake may cause, such as demand for motor fuel. Gasoline futures declined after news broke of a third explosion at Tokyo Electric Power's Fukushima Daiichi plant. Front-month gasoline traded between $2.78 and $2.96 before settling at $2.83 a gallon.

Natural gas for April delivery gained 9 cents, settling at $3.92 per thousand cubic feet. The intraday range was $3.80 to $4.00.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Sr District Account Manager
Expertise: Sales
Location: New Orleans, LA
 
Technical Service Representative-Service Engineer
Expertise: Sales
Location: Borger, TX
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
search for more jobs

Brent Crude Oil : $55.23/BBL 0.46%
Light Crude Oil : $52.75/BBL 0.62%
Natural Gas : $3.24/MMBtu 1.25%
Updated in last 24 hours