Japan's Aftershock Shook Market Sentiment but Did not Prevent Oil's Rally

Financial markets were volatile after an aftershock of magnitude 7.4 hit northeast Japan. A tsunami warning was issued but was later lifted. While no further destruction was done to the crippled nuclear plant, the market worried that the nation's path of economic recovery will be tough. In Libya, fighting between allied forces and Qaddafi's troops intensified and damage of oil facilities were reported. Wall Street fell with DJIA and S&P 500 indices losing -0.14% and -0.15% respectively. Commodities generally strengthened with the front-month WTI crude oil contract extending gains to 110.44 before settling at 110.3 while the equivalent Brent crude contract climbing to 122.89 before closing at 122.67. Both benchmarks continue rising higher in Asian session today.

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Japan's Aftershock Shook Market Sentiment but Did not Prevent Oil's Rally