WTI oil trading near $113 after Bin Laden death confirmed
BonTradeWTI oil futures open Monday’s trading session back near $113 a barrel after US President Barack Obama confirmed that al-Qaeda leader Osama bin Laden had been killed, stoking speculation that the risk of Middle East oil supply disruptions could ease.
Latest WTI Oil Price
US Light crude oil futures for June 2011 delivery was trading at $112.68 a barrel, 08.00 GMT this morning on the NYMEX.
“The elimination of someone like Osama could be a bearish driver for oil prices because it could alleviate the contagion fears in the Middle East.” said Stephen Schork of The Schork Group, Pennsylvania.
Uncertainty with Oil Traders
The death of the Bin Laden would likely have little immediate effect on political stability and oil production in countries such as Libya, however, oil traders are not so certain how the market will react in the longer run.
“It is too early to tell exactly what influence Bin Laden’s death will have but al-Qaeda is built on a structure that is spread out all over the world, therefore there will be some sort of influence.” said Israel’s Foreign Minister Avigdor Liebermanforeign.
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WTI oil trading near $113 after Bin Laden death confirmed
