Oil prices hit eleven-year low as global supply balloons:
Global oil production is running close to record highs and, with more barrels poised to enter the market from nations such as Iran and Libya, the price of crude is set for its largest monthly percentage decline in seven years. Ref. Source 7x
Oil plummeted below $30 a barrel today for the first time since December 2003.
The latest wave of selling leaves crude oil down 19% this year alone. It represents an incredible 72% plunge from crude's June 2014 peak of almost $108. Ref. CNN.
Oil prices tumble to new 12-year lows:
Oil prices slumped to fresh 12-year low points Friday, as dealers prepared for increased Iranian exports to the market against a backdrop of a global supply glut. Brent meanwhile dropped to $29.45 -- the lowest level since February 2004. Ref. Source 7u
Market sell-off intensifies: Dow plunges more than 200 at the open, oil falls below $28, Japan in bear market
The global stock market selloff resumed Wednesday as oil drops more than 2% and falls breaks $28 for first time since 2003. Ref. USAToday.
Re: Analysis: Oil - Power Has Changed Sides
Original Post Date: 10th Jun, 2008 - 8:30pm
International Level: Senior Politician / Political Participation: 188 18.8%
Lower oil prices lead to higher carbon dioxide emissions
If the price of oil decreases, carbon dioxide emissions increase. This is what two Spanish scientists claim after comparing the relationship between air pollution and economic development by using the real oil prices in Spain between 1874 and 2011 as an indicator. The scientists suggest a need to design new energy taxes. Ref. Source 1d.
Oil prices fall 5% amid OPEC production dispute
Crude oil prices fell sharply Monday as energy ministers from the world's largest oil suppliers failed to reach an agreement on freezing production to support prices. Ref. Source 2o.