NEW YORK: The earthquake and tsunami in Japan took some steam out of the rally in oil prices by reducing the country's oil imports. That may not last long.
Japan consumes about 4.4 million barrels of oil per day, most of it imported. Only the U.S. and China consume more. With steel plants, auto manufacturers and three of the country's five major oil refineries temporarily shut down, the use of oil and refined products has dropped.
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