Brent Drops Most in Seven Weeks After U.S. Says Bin Laden Killed
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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.