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World oil falls to two-week low

03-15-2011 09:29 BJT

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Oil prices dropped to two-week lows on Monday. That's as concerns over the economic impact from Japan's catastrophic earthquake and tsunami, knocked global investor confidence.

Analysts say oil demand from Japan, the world's number three energy consumer, was expected to fall in the short to medium term. That's because the country's economic activity was likely to be subdued, following the devastation there.

Three of Japan's five largest refineries have been shut. Refined oil products and gas prices, however, were outperforming crude oil prices. That's due to an expected increase in import demand in coming weeks and months from Japan, to cover lost oil refining and nuclear power generation capacity.

Editor:Xiong Qu |Source: CNTV.CN

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