Oil Drops After U.S. Says Bin Laden Killed
Oil prices dropped by the most in almost seven weeks on speculation that the killing of Osama bin Laden may ease the risk of Middle East supply disruptions, Bloomberg reported Monday.
Bin Laden, who orchestrated the 9/11 attacks on New York and Washington, was killed in a firefight during a raid by U.S. forces in Abbottabad, Pakistan, President Barack Obama said Sunday night in Washington.
North sea Brent crude oil fell as much as 3.4%, the most since March 15, following reports the al-Qaeda leader was dead, Bloomberg said.
Brent crude, which is generally higher than New York Mercantile Exchange price for light sweet West Texas intermediate crude futures, fell by more than $4 to $121.67 a barrel, its lowest price since April 20.
Nymex oil futures fell $1.60 to near $112 a barrel in pre-market trading Monday after earlier falling more than $3, Bloomberg reported.
Crude jumped 6.8% last month and finished trading week Friday at $113.93 a barrel on the Nymex, the highest closing price since September 2008.
