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Osama Bin Laden death has impact on "heating oil prices" may 2011
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The high profile death of Osama bin Laden could have an impact on heating oil prices across the UK.

Reports have suggested that crude oil rates have declined today (Tuesday May 3rd 2011) following the news of the al-Qaeda leader's demise.

However, the Press Association reports that the oil market is still digesting the impact of the incident and it is unclear what long-term effect, if any, Bin Laden's death will have on the industry.

Despite this uncertainty, the news provider noted that fears over the eurozone debt issue have had a say in the reduction of oil prices this week.

"Both Brent and (New York) crude oil contracts slid lower in correction, following the uncertain economic conditions as renewed concerns raised about eurozone's sovereign debt problems, especially for Greece," Sucden analyst Myrto Sokou told the publication.

Oil market experts spoke out last week about their confusion surrounding Saudi Arabia's role in producing oil, as chiefs in the Middle Eastern country revealed they had decreased the number of barrels being produced.