Added on March 12, 2011  Sam Robertson business and finance  business news , Oil drops , Rush Hour News , US Commodities

US Commodities: Oil drops as refineries shut down in Japan

Crude oil prices drop as the news of devastation and destruction in Japan continues. This is the first drop in oil prices in a month. The news is based on the information coming in from Japan and Saudi Arabia. The refineries in Japan have shut down and the dissidents in Saudi Arabia have failed to follow through with protest plans and this has eased stock tensions that have been at peak levels for a considerable amount of time.

Because of the 8.9 magnitude quake and the pure devastation that has followed, the world’s 3rd largest oil consuming country has discontinued oil refining production. Helping investors lick their monthly wounds, also came on the news that the “day of rage” proclaimed by the Saudi Arabian activist had never taken place because of high security and anti-rioting police bracing for the out-lash.