Oil Closes Below $50, Lowest Price Since May 2005
After rising to dizzying heights this summer, the oil market is suffering a hair-raising drop with no apparent end in sight.
Oil prices fell to their lowest level in more than three years, falling below $50 a barrel on Thursday, after shedding close to $100 in four months [...]

By Matthew Walter and Steven Bodzin
Oct. 27 (Bloomberg) — The same tumbling oil prices that led OPEC to slash output last week threaten to send Venezuela’s economy into a tailspin, and put an end to President Hugo Chavez’s ambitions to expand his socialist revolution at home and abroad.
To cope with plummeting oil revenue, the [...]

By Subramaniam Sharma
Oct. 21 (Bloomberg) — India needs to tap opportunities to get nuclear reactors and secure uranium supplies as a global financial crisis may slow orders from other countries.
“The current global financial crisis may very well be a blessing in disguise,” Shyam Saran, special envoy to the prime minister on the nuclear deal, [...]

By Adam Freeman
Oct. 8 (Bloomberg) — Eni SpA is planning to explore for natural gas and oil in Papua New Guinea, as Italy’s biggest energy company seeks to boost reserves.
The Rome-based company could make “similar investments as Exxon” Mobil Corp. in the state, Prime Minister Michael Somare told reporters in Rome today. He was [...]