Crude Oil down

Posted By: Religare
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Crude Oil down
On Monday on the New York Mercantile Exchange, oil prices saw a dip after reports were confirmed about Osama Bin laden"s death. Crude rates saw a near two week low after the U.S. President Barak Obama stated that the Al-Qaeda"s leader had been killed in air strike in Pakistan. The death reports in turn improved market sentiments that the geopolitical risk factor in the oil rich areas in Middle East and Central Asia might come down.

However, some feel that his death would not have an instant impact on oil production and political stability. Last week, oil prices had shown 31-month intraday high after the US Federal Reserve had assured about an economic stimulus for the US.

The value of crude for June delivery was reported at $112.21 per barrel, down by 172 cents on the New York mercantile exchange. While on the ICE futures exchange in London, Brent crude for May contract was down to $124.72 a barrel. (12:29 P.M IST)

Read more about: oil and gas
Story first published: Tuesday, May 3, 2011, 9:30 [IST]
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