Crude Oil Price Update-Oil Falls On News of Bin Laden’s Death

Oil prices fell today, after the US President, Barrack Obama, announced that the leader of the Al-Qaeda, Osama Bin Laden, has been killed while hiding in a safe house outside Islamabad in Pakistan. WTI crude future dropped by 0.91 percent to be at USD $ 112.89 a barrel, while Brent crude future dropped by 0.70 percent to be at USD $ 125.01 a barrel.

The news of bin Laden’s death bought about a sense of euphoria in the major stock markets of the world, which resulted in an increase in the stock indexes. This increase has temporarily reduced the speculation in commodities, which contributed to the fall in oil prices.