Oil settles higher

15 Mar 2011
The devastating earthquake and tsunami in Japan will temporarily take pressure off tightening global oil supplies as the world's third largest oil consumer works to rebuild its shaken economy, energy analysts said on Monday. But the disaster won't curb its energy appetite for long. Analysts say Japan will likely boost imports of coal, natural gas, diesel and other refined fuels in coming weeks. “Demand for petroleum products is going to soar,” analyst and trader Stephen Schork said. Benchmark West Texas Intermediate for April delivery added three cents to settle at 1.19 per barrel on the New York Mercantile Exchange. It dropped below earlier in the session.

http://www.iol.co.za/business/markets/commodities/oil-settles-higher-1.1041707