* Earthquake Japan's largest in 140 years
* Some refineries, nuclear power plants, manufacturers shut
* Europe shares hit 3-month low
* Coming Up: U.S. retail sales for February; 1330 GMT
(Recast with Japanese earthquake, tsunami)
By Ikuko Kurahone
LONDON, March 11 (Reuters) - Brent crude futures fell below
$114 on Friday as a massive earthquake rocked Japan, creating a
10-metre tsunami and shutting down dozens of plants in the
world's third-largest oil consumer.
The oil market was also watching out for a planned day of
demonstrations in Saudi Arabia, the world's top oil exporter,
and violence in Libya which has disrupted its oil exports.
ICE Brent crude <LCOc1> fell $1.71 cents to $113.77 a barrel
by 0903 GMT. It has fallen from a 2-1/2-year high of $119.79 a
barrel on Feb. 24. U.S. crude for April delivery <CLc1> fell 83
cents to $101.87.
Japan was hit by a magnitude 8.8 earthquake, which was the
largest since observation began in the late 19th century.
"This natural disaster could result in another sharp rise in
risk aversion on markets and a continuation of yesterday's
correction on commodity markets," said Commerzbank.
"After China and the U.S., Japan is the world's third
biggest consumer of commodities and is dependent on imports for
virtually all commodities," it added.
The biggest earthquake to hit Japan in 140 years struck the
northeast coast on Friday, triggering a 10-metre tsunami that
swept away everything in its path, including houses, cars and
farm buildings on fire. []
European shares fell at the opening to a 3-month low with
market sentiment worsening further after the quake in Japan and
on growing unrest in the Arab world. []
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Graphics showing:
Middle East unrest http://r.reuters.com/nym77r
Libya unrest http://link.reuters.com/dew48r
Saudi Arabia's main oil region
http://link.reuters.com/gew48r
FACTBOX on Libya's oil sector []
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Saudi Arabia's capital was quiet ahead of a planned day of
demonstrations that will test whether activists calling for
political reform online will succeed in taking their protests to
the streets.
A loose coalition of liberals, rights activists, moderate
Sunni Islamists and Shi'ite Muslims has called for reform and a
Facebook page urging protests, strictly forbidden in the
conservative kingdom, attracted more than 30,000 supporters.
[]
"It is impossible to know what the outcome will be in the
Middle East, but while support for .. protests could prove to be
a short-term oil market inflection point, looking further
forward it would be optimistic to expect Libyan oil production
to return to normal levels this year," Lawrence Eagles with J.P.
Morgan said in its research note.
In Libya, forces loyal to Libyan leader Muammar Gaddafi have
entered the oil port of Ras Lanuf in the east of the country and
are fighting for control of the town, rebels said on Friday.
The unrest in the oil rich North Africa and Middle East has
so far taken precedence over economic woes. Friday protests are
also planned in other Gulf countries such as Yemen, Kuwait and
Bahrain, after the day's religious prayers, inspired by
upheavals in Tunisia and Egypt. []
(Reporting by Ikuko Kurahone, additional reporting by Alejandro
Barbajosa; editing by Jason Neely)
