LONDON (AFP) — Oil prices dropped some two dollars on Monday on concerns that a deepening global economic downturn could spark a slump in demand for energy, analysts said.
The market was also weighed down by news of a possible resolution to the ongoing Russia-Ukraine gas supply crisis, they added.
Traders also tracked developments in the Middle [...]

By Shigeru Sato and Yuji Okada
Dec. 8 (Bloomberg) — Crude oil rebounded from six days of declines as OPEC’s president said the group may make a “significant” output reduction and U.S. President-elect Barack Obama pledged the biggest public works program in about 50 years.
A “severe” cut may be needed to halt the more than [...]