impact crude oil prices after Obama confirms Osama bin Laden's death

impact crude oil prices after Obama confirms Osama s death ; Today’s breaking news about Osama bin Laden being killed in the Pakistani city of Abbottabad has taken the world by surprise. The leader and main face of al-Qaeda, bin Laden was instrumental in the spread of Jihadi outfits throughout the world. His death might be nothing more than a symbolic victory in the short-run, considering the fact that he had been in hiding ever since the American forces attacked Al-Qaeda’s base in Afghanistan in 2001 after 9/11. However, it is bound to have a significant effect on the major commodities’ markets of the world, particularly at the New York Mercantile Exchange(NYMEX).

Global oil prices suffered a setback in Asian trade Monday after breaking news of Osama Bin Laden’s death was confirmed by US president Barack Obama.

Barack Obama told the world that military forces of the United States had last week engaged and killed terrorist leader Osama bin Laden, the mastermind of the September 11 attacks
The black gold dropped the most in 2 weeks, fell by as much as 1.5 percent in electronic trading on the New York Mercantile Exchange.

At 12.00 noon Singapore time, crude for June delivery was seen trading at $112.19 a barrel while Brent crude was at $ 125.04 a barrel in London. Analysts said killing of the Al-Qaeda leader probably eased concerns over supply disruptions in the Middle East.

They also attributed oil’s decline to dip in Chinese manufacturing index, stoking speculation economic growth in the second biggest crude-user may moderate.

The greenback strengthened against most major currencies after news spread about the death of Bin Laden. Stock markets are closed in China, Hong Kong, Malaysia and Singapore today for a holiday.

On Friday, Light sweet crude for June delivery closed at $113.93 a barrel on the New York Mercantile Exchange while gold futures for June delivery rose $25.20, or 1.6 per cent, to settle at $1,556.40. Brent crude for June rose 87 cents to settle at $125.89 a barrel, gaining 7.3 percent for the month, touching a 2011 high of $127.02 on April 11 Referensi www.commodityonline.com...

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