President Obama "this is the most significant achievement to date toward the defeat of Al Qaeda".
Former President George W Bush described the news as a "momentous achievement".
Crowds gathered outside the White House in Washington DC, chanting "USA, USA" after the news emerged.
Oil prices eased off 2 1/2 year highs to below $113 a barrel Monday after President Barack Obama announced that al-Qaida leader Osama bin Laden had been killed.
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