Oil drops sharply after Bin Laden death

Oil prices fell more than 3 percent after US forces killed al-Qaeda leader Osama bin Laden in Abbotabad’s Pakistan. According to media reports, ICE Brent crude futures for June fell $4.22 to a low of $121.67 a barrel before recovering some ground to trade around $122.85 by 0942 GMT. Last month Brent hit a 32-month high above $127. US crude slid $2.40 to $111.53. The oil market focused on whether the news would help unwind the risk premium attached to prices because of war in Libya and unrest in the Middle East and North Africa.

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