Global crude benchmarks plummeted in highly volatile European morning trading Monday with the front month ICE Brent futures contract losing more than $4.00/barrel from Friday's close at one point falling to a low of $121.67/b while June NYMEX light, sweet crude fell more than $3.00 to a low of $110.82/b having settled Friday at $113.93.
Prices began declining in Asia following the live broadcast in the early hours from US President Barack Obama that al-Qaida leader Osama bin Laden was dead, nearly 10 years after the September 11 attacks. The news sent the dollar higher against the euro, further pressuring the oil price, though financial markets in much of Asia and in the UK are closed Monday for public holidays.
At 0930 GMT, ICE May gasoil was off $22.50 at $1,011.00/mt. June RBOB was down 0733 points at $3.3251 and heating oil fell 0872 points to $3.1886/gal.
