Crude Oil Drops Most in Two Weeks on news that bin Laden is dead.

[jefferson_dem]

Crude Oil Drops Most in Two Weeks
By Christian Schmollinger and Ayesha Daya - May 2, 2011 6:02 AM ET

Oil dropped the most in almost seven weeks in London on speculation that the killing of Osama bin Laden may ease the risk of Middle East supply disruptions.

Brent crude futures fell as much as 3.4 percent, the most since March 15, following reports that bin Laden was dead. The al-Qaeda leader, who orchestrated the Sept. 11 attacks on New York and Washington in 2001, died in a firefight in Abbottabad, Pakistan, U.S. President Barack Obama said. Oil had slipped earlier on signs that cooling economic growth in China may temper fuel demand in the world’s biggest energy user.

“Good news on the geopolitical front has the potential to move prices back below $100,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. Bin Laden was a symbol of geopolitical uncertainty and terrorism whose death “carries hope of reduced threats of terrorism and political risk in northern Asia and the Middle East,” Spooner said.

<SNIP>

http://www.bloomberg.com/news/2011-05-01/crude-oil-drops-from-31-month-high-on-speculation-chinese-demand-may-slip.html

[jpak]

1. The Obama got Osama dividend

Osama apologists can kiss it

yup

[Canuckistanian]

2. This proves oil prices are bullshit

Nothing has happened to affect the actual production or transport of oil. In fact, because of possible backlash from extremists, there MAY even be disruptions.

Libya is still in turmoil. And that hasn't changed with today's news.

[Kdillard]

3. Truth.