Global oil prices plunged below $100 on the first day of trading since Japan's deadly tremor that caused extensive damages to world's third largest economy.
Light sweet crude for April delivery was seen trading at $99.61 a barrel at 12.00 noon Singapore time while Brent crude was at $112.15 a barrel in London.
Analysts said' Japan impact' will likely to influence world markets for some times as many refineries there is not expected to reopen soon, cutting oil refining by nearly 30 percent in the country.
Demand for oil in Japan, the world's third largest oil consumer, is expected to fall tremendously during the crisis, said Petroleum Association of Japan.
World's third largest economy was struck by an 8.9-magnitude temblor that unleashed a 7-meter high tsunami that may have killed 10,000 people in the north of the country.
Meanwhile, U.S. natural gas gained 1 percent on expectations that Japan would have to turn to fossil fuels especially liquefied natural gas.
The IEA has reported that crude oil exports from Libya have slowed sharply in the last week, to well below the 500,000 barrels per day as unrest in North Africa and the Middle East intensifies.
The IEA estimates social upheaval in Libya has halted between 850,000 and 1.0 million barrels per day of the country's total oil output of 1.6 million barrels per day.
