Updated on
Summary Oil fell to two-week lows on Monday, slipping nearly $3 at one point over Japan fears.
Oil fell to two-week lows on Monday, slipping nearly $3 at one point, as concerns over the economic impact from Japans catastrophic earthquake and tsunami knocked global investor confidence.ICE Brent crude was trading $1.56 lower at $112.26 a barrel by 1145 GMT, having struck $111.16, the lowest since Feb. 25. US crude fell $1.49 to $99.67, after hitting an intraday low of $98.55.Oil demand from Japan, the world number three energy consumer, was expected to fall in the short to medium term as the countrys economic activity was likely to be subdued following devastation caused by the strongest quake on record and the massive ensuing tsunami, analysts said.
