Crude dips despite news of the death of Osama bin Laden

03-May-11
Crude futures settled lower after the death of Osama bin Laden stirred oil markets, as traders tried to gauge the effect on stability in the Middle East. Light, sweet crude for June delivery dipped to US$113.52 a barrel on the Nymex, in a volatile session that witnessed 30 month highs near US$115 and a decline to US$110.8. Brent crude on the ICE futures exchange settled at US$125.1. Bin Laden's death raised two competing viewpoints: whether terrorist groups will increase attacks in reprisal for Laden's killing, potentially disrupting oil supplies from the Middle East and other regions; or if the event marks a turning point in the U.S. war on terror and could lead to greater stability.
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