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Crude Drops as bin Laden’s Death Can Slow Global Growth

May 3, 2011 at 4:41 by Vladimir Vyun

Oil fell on speculation that the death of Osama bin Laden will cause volatility of the global economy. US President Barack Obama said yesterday that bin Laden was killed by the US forces. The death of Al-Qaeda leader may cause retaliatory attacks that will slow the global economic growth.

The Purchasing Managers’ Index of the Institute for Supply Management fell from 61.2 percent to 60.4 percent in April, confirming that the manufacturing, the strongest US sector, slowed its growth. The report of the Energy Department tomorrow is expected to show growth of the US crude oil inventories for the second week.

June contract for oil for delivery fell $0.77 to $112.75 per barrel in electronic trading on NYMEX. The futures dropped $0.41 (0.4 percent) to $113.52, yesterday. Over the last year prices advanced 31 percent. June futures for Brent crude declined $0.71 to $124.41 per barrel on ICE, following the decline by $0.77 (0.6 percent) to $125.12 yesterday.

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