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Oil prices fell by more than a dollar on Monday on reports that al-Qaeda leader Osama Bin Laden is dead.

The dollar strengthened by nearly 0.3 percent earlier on Monday following last week’s slide, deterring investors from piling into commodities this week and triggering a 10 percent plunge in spot silver prices.

U.S. stock futures also rose after President Barack Obama said al-Qaeda leader Osama bin Laden has been killed, almost 10 years after the Sept. 11 attacks that he orchestrated.

Standard & Poor’s 500 Index futures expiring in June climbed 0.8 percent to 1,371.10 at 12 a.m. New York time. The benchmark measure of U.S. shares closed at the highest level since June 2008 last week after rallying 8.4 percent in 2011.

Bin Laden, 54, was killed by the U.S. military in a mansion outside Islamabad, Obama said.

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