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 JAD MOUAWAD
At the beginning of the year, OPEC producers felt confident that strong economic growth and tight supplies would keep oil prices high. When oil crossed the $100-a-barrel threshold in February, the cartel’s president blamed speculators and said there was not much OPEC could do.
But now, panic is gripping producers as prices drop. They [...]

NEW YORK: World oil prices skidded on Wednesday on recession fears that swept markets after massive government interventions to kick-start frozen credit flows in the global financial crisis.
New York’s main contract, light sweet crude for November, slid 4.09 dollars to close at 74.54 dollars.
In London, Brent North Sea crude futures plunged below 70 dollars in [...]