Belfast Telegraph

Wednesday 26 November 2014

Osama bin Laden killing pushes oil price down

A man who said he was dressed as
A man who said he was dressed as "Captain America," cheers early Monday, May 2, 20111, across the street from the White House in Washington, as people gather to cheer the United States after it was announced that Osama bin Laden has been killed. (AP Photo/Jacquelyn Martin)
Crowds celebrate on Pennsylvania Avenue in front of the White House in Washington, early Monday, May 2, 2011, after President Barack Obama announced that Osama bin Laden had been killed. (AP Photo/Charles Dharapak)
A U.S. Park Police officer is handed a flag as crowds celebrate on Pennsylvania Avenue in front of the White House in Washington, early Monday, May 2, 2011, after President Barack Obama announced that Osama bin Laden had been killed (AP Photo/Charles Dharapak)
Crowds celebrate on Pennsylvania Avenue in front of the White House in Washington, early Monday, May 2, 2011, after President Barack Obama announced that Osama bin Laden had been killed. (AP Photo/Charles Dharapak)
This April 1998 file photo is thought to show exiled al Qaida leader Osama bin Laden in Afghanistan
Osama Bin Laden has been killed in a US operation (AP)
1998 file photo, onlookers stand at the foot of the damaged buildings in Nairobi, Kenya, after a huge explosion ripped apart a building in the Kenyan capital, heavily destroying the U.S. Embassy. Osama bin Laden, leader of the al-Qaida organization behind the Sept. 11, 2001 attacks against the United States and blamed for the 1998 embassy bombing in Kenya and Tanzania, is dead, a person familiar with the situation said late Sunday. (AP Photo/Sayyid Azim, File)
In this undated still from video released Sept. 10, 2003, Al-Qaida leader Osama bin Laden, left, and his top deputy Ayman al-Zawahri appear. A person familiar with developments on Sunday, May 1, 2011 says bin Laden is dead and the U.S. has the body. (AP Photo/Al Jazeera via APTN)
In this Oct. 7, 2001, file photo, Osama bin Laden, left, with his top lieutenant Egyptian Ayman al-Zawahri, are seen at an undisclosed location in this television image broadcast. A person familiar with developments said Sunday, May 1, 2011 that bin Laden is dead and the U.S. has the body. (AP Photo/Al Jazeera, File)
Crowds celebrate on Pennsylvania Avenue in front of the White House in Washington, early Monday, May 2, 2011, after President Barack Obama announced that Osama bin Laden had been killed. (AP Photo/Charles Dharapak)
Smoke, flames and debris erupt from one of the World Trade Center towers after a plane strikes it, in New York.
A man who said he was dressed as "Captain America," cheers early Monday, May 2, 20111, across the street from the White House in Washington, as people gather to cheer the United States after it was announced that Osama bin Laden has been killed. (AP Photo/Jacquelyn Martin)
Osama Bin Laden, the al Qaida leader, appears on this layout for an FBI poster after he was placed on the FBI's Ten Most Wanted list in June 1999, in connection with the bombings of the U.S.
A crowd outside the White House in Washington, cheers Sunday, May 1, 2011, upon hearing the news that terrorist leader Osama bin Laden is dead. (AP Photo/Manuel Balce Ceneta)
A driver and passengers celebrate the death of Osama bin Laden in the streets of Lawrence, Kan., Sunday, May 1, 2011. President Barack Obama announced Sunday night, May 1, 2011, that Osama bin Laden was killed in an operation led by the United States.(AP Photo/Orlin Wagner)
A crowd in New York's Times Square reacts to the news of Osama Bin Laden's death early Monday morning May 2, 2011. President Barack Obama announced Sunday night, May 1, 2011, that Osama bin Laden was killed in an operation led by the United States. (AP Photo/Tina Fineberg)
Dustin Fredrickson, of New York, center, holds up an American flag as he stands on a fire truck amongst those gathered in New York's Times Square reacting to the news of Osama Bin Laden's death early Monday morning May 2, 2011. (AP Photo/Tina Fineberg)

Oil prices eased off two-and-a-half-year highs to below 113 dollars a barrel today after US president Barack Obama announced that al Qaida leader Osama bid Laden had been killed.



Benchmark crude for June delivery was down 1.23 at 112.70 dollars a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

The contract rose 1.07 to settle at 113.93 on Friday and reached 114.18 during in the session, the highest since September 2008.

In London, Brent crude for June delivery was down 98 cents to 124.91 a barrel on the ICE Futures exchange.

President Obama said bin Laden was killed yesterday by American special forces in Pakistan. Traders said the death of bin Laden could weaken al Qaida's ability to carry out attacks and destabilise the oil-rich Middle East.

However, al Qaida operatives could also seek revenge for their leader's death, and political uprisings this year throughout the Middle East and North Africa that have threatened to disrupt crude supplies were not related to al Qaida.

Trading volume was light in Asia as markets in China, Hong Kong, Taiwan, Malaysia and Singapore will closed for international Labour Day. Markets in Japan were open today but will be closed the next three days for Golden Week holiday.

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