GLOBAL MARKETS: Asia stocks fall as bin Laden effect fades
SINGAPORE, May 3 (Reuters) - Asian shares dipped on Tuesday and the dollar struggled to pull away from a three-year low, as a bounce following the killing of Osama bin Laden by U.S. forces quickly faded and investors refocused their attention on the fragile global economy.
Oil, the asset often most sensitive to perceptions of geopolitical risk, eased, and gold steadied after dropping back from a record high.
OIL: Crude down as dollar edges up, eyes bin Laden fallout
SEOUL, May 3 (Reuters) - U.S. crude futures fell half a percent in early Asian trade on Tuesday as the dollar edged up from a three-year low, but were still $2 above the Monday low hit after news of al Qaeda leader Osama bin Laden's death.
Brent crude for June fell 38 cents to $124.74 versus a cents lower settlement at $125.12.
NATURAL GAS: Natgas ends up, June slips on profit-taking, temps
NEW YORK, May 2 (Reuters) - U.S. natural gas futures mostly ended up slightly on Monday, but milder weather this week and overbought technicals prompted steady selling in the front contract, particularly after strong gains late last week.
"I think the storage report last week was bullish, and the nuke (outage) data is also providing support, but I think the upside is limited here," a West Coast trader said, adding below normal weather forecasts should translate into less heating and cooling demand.
COMMODITIES: Uncertainty up though bin Laden no game changer
NEW YORK, May 2 (Reuters) - Oil ended one of the most volatile sessions of 2011 easier on Monday following Osama bin Laden's death, while gold traded mixed, but investors said his demise had done little to cut the risk premium in commodities.
"I think the knee-jerk reaction would be to take some of the political risk premium out of oil," said Nic Johnson, who oversees a $27 billion commodities mutual fund at Californian assets manager PIMCO, which manages $1.2 trillion in total.
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