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Oil falls after Osama Bin Laden killed

Oil prices eased off two and a half year highs to below USD 113 a barrel after President Barack Obama announced that al-Qaida leader Osama bid Laden had been killed.

Benchmark crude for June delivery was down USD 1.23 at USD 112.70 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

The contract raised USD 1.07 to settle at USD 113.93 and reached USD 114.18 during in the session the highest since September 2008.

In London Brent crude for June delivery was down 98 cents to USD 124.91 per barrel on the ICE Futures exchange.

Mr Obama said bin Laden was killed on Sunday by American Special Forces in Pakistan . Traders said the death of bin Laden could weaken al-Qaida's ability to carry out attacks and destabilize the oil rich Middle East .

However al-Qaida operatives could also seek revenge for their leader's death and political uprisings this year throughout the Middle East and North Africa that have threatened to disrupt crude supplies were not related to al-Qaida.

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