Brent crude falls to 3-week low near $107 on Japan crisis

Brent crude fell more than USD 1 on Wednesday to a three-week low near USD 107 as pessimism about Japan's nuclear crisis offset concern about Middle East unrest after Bahrain declared martial law.

Brent for April fell USD 1.17 to USD 107.35 a barrel by 0307 GMT, the lowest intraday price since February 23. Prices reached almost USD 120 on February 24 as violence escalated in Libya, disrupting oil output.

"Sentiment is still at very low levels with investors' appetite for riskier assets very much off the table," said Ben Le Brun, an analyst at CMC Markets.

"The market is looking for a change in global sentiment, with the crisis in Japan being compounded by escalating violence in the Middle East."