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Oil futures dropped by the end of trades on Monday after the news on Osama bin Laden’s death ruffled the oil markets. Investors attempted to assess the influence of this happening on the stability in the Middle East. By the end of NYMEX trades the quotations of June futures on low-sulfur oil decreased by 41 cent (0.4%) down to 113.52 US dollars per barrel. During the session the prices reached their highs for 2.5 years nearly 115 US dollars per barrel and dropped down to 110.82 US dollars per barrel. The quotations of Brent oil futures declined by 77 cent down to 125.12 US dollars per barrel. The oil prices were rather mixing after the US armed forces killed Al-Qaeda Osama bin Laden on Sunday. The death provoked fluctuations of prices for primary goods, stocks and currency quotations as traders guessed the possible effects of this event for major oil-producers of the Middle East and North Africa. The death of Osama bin Laden spurred two opposed visions tested by the market on Monday. According to one of them, terror groups may mobilize their forces to respond to the death of their leader and disrupt oil supplies coming from the Middle East and other regions. The second one suggests that this event will put an end to the US fight against terrorism and bring stability back. The prices for oil have grown by 24 % since the beginning of the year as the disorders in the Middle East and North Africa incited concerns over possible disruption of oil supplies. Particularly, the Libyan civil war cut the exports of oil from the country. However, due to high prices traders have not dared to expect further increase in prices. The companies’ and consumers’ budgets have been pressed by high prices for gasoline in the USA which may result in less consumption. Analysts expect the US Energy Ministry data slated for Wednesday to show the growth of oil and oil products reserves.
Traders have been pointing at high prices as the major reason for a slight decline on Monday.
Additionally, analysts say that sluggish activity of Osama bin Laden for the last several years is suggestive that his ability to destroy the global economy weakened. This landmark victory is hardly likely to change the safety situation in the USA and other countries.
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