Asia: Crude oil falls over $1/b in Asia on news of Osama bin Laden's death

Chemical News: Asia: Crude oil falls over $1/b in Asia on news of Osama bin Laden's death

https://www.chemnet.com May 03,2011 Platts
Crude oil futures slumped mid-day in Asian holiday trade Monday as US President Barack Obama made a live broadcast to announce that Al-Qaeda leader Osama Bin Laden was dead, nearly 10 years after the September 11 attacks.

At 11:37 am in Singapore (0347 GMT), June NYMEX crude futures were down $1.47 at $112.48/barrel while June ICE Brent futures fell $1.12 to $124.80/b.

The news sent the dollar higher against the euro, further pressuring the oil price. The dollar fetched 1.4764 dollars mid-morning in Asia Monday from 1.4864 in earlier trade.

Financial markets in Hong Kong, Singapore, China, Thailand, Malaysia and Taiwan are closed Monday for public holidays.

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