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Bin Laden was killed Sunday by U.S. forces in Pakistan. Oil fell below $111 a barrel early Monday morning shortly after President Obama announced bin Laden's death. By midmorning it was on the rise again, reaching $114.83 before it reversed course. Analysts say traders are concerned that bin Laden's death may lead to retaliation from his followers that could affect oil supplies.
"It's kind of a see-saw effect," said Michael Lynch, president of Strategic Energy & Economic Research. "There will be a fear, I think, in the short-term in the markets that something might happen in the next week or two. I do think in the longer term, it suggests likely more stability in the Middle East."
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