Crude futures decrease further amid worldwide stock plunge: 3/28 AM
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The May crude oil futures contract in NYMEX ACCESS trade at 11:15 Tokyo time on Wednesday was at $64.86 per barrel (bbl), down 39cts from the closing price in New York on Tuesday while the May Brent contract in ICE After Hours Trading was at $69.74/bbl, down 37cts. “Investors expected a decline in demand for crude oil due to weakness in worldwide stock markets,” Satoru Yoshida, a commodity analyst at Rakuten Securities, Inc. Economic Research Institute said. The Nikkei Stock Average lost 346.18 points from Tuesday to 20,971.14. Meanwhile, the US dollar traded at 105.60 against the yen versus 105.50 on Tuesday evening Tokyo time.