Oil prices plunge after Japan’s second massive earthquake

 
on April 07 2011 11:21 AM

Crude oil prices slipped on Thursday, after reports of another earthquake hitting Japan in less than a month.

Brent crude oil futures for May delivery dipped to a session low of $121.38 a barrel on the ICE futures exchange in London.

Another massive earthquake measuring 7.4 on Richter hit Japan at 11:32:41 pm in the night with the epicenter about 250 miles from Tokyo. Tsunami warning was issued for northeast Japan coast with one-meter high waves expected soon.

The current one hit 25 miles underwater off coast of Miyagi prefecture, jolting buildings in Tokyo, 207 miles away, for over a minute, say early reports.

Japan witnessed a massive earth quake measuring 9.0 magnitude on March 11 followed by a tsunami that killed more than 12,000 with tens of thousands still missing.

Earlier on Thursday, ongoing unrest in the Middle East and North African nations pushed the Brent crude price above $122 a barrel.

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