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Oil drops below 50 a barrel Original Source Link: (May no longer be active)    http://www.channel4.com/news/news_story.jsp?storyId=1802067 http://www.channel4.com/news/news_story.jsp?storyId=1802067 Oil drops to below $50 a barrel News Headlines: Business Published: 18-Apr-2005; 15:35 By: ITN US oil prices have dropped to below $50 a barrel - the lowest rate for eight weeks - after stern words from global finance chiefs about the threat to growth. US oil dipped as low as $49.66 a barrel, down 82 cents, before recovering to $49.96, down 53 cents. London's Brent crude price fell 88 cents to $50.73. American crude oil prices have fallen around 14 per cent from an all-time peak of $58.28 hit two weeks ago. Ministers of the G7 group of industrial states over the weekend urged action over the "headwind" of energy costs. Growing US stockpiles have eased oil price pressures, but concerns remain about strong global demand. The steep rise in demand from China and India is thought to have put pressure on oil reserves and led to soaring costs. The price drop is generally seen as positive for growth of the world economy, particularly for countries which are heavy oil importers and the IMF believes the general trend is upwards: "Clearly the rapid growth of emerging economies, like China and India, have played a part," IMF chief economist Raghuram Rajan wrote in the Fund's biannual World Economic Outlook. "These countries will need to consume more oil and somehow we have to find the space."

August brings record highs in oil prices BP oil refinery blast in texas bumps prices Bp profits up 34 precent Chevron profits up with prices { July 29 2005 } Concern over iraqi oil during elections Crude futures stay above 67 { August 26 2005 } Crude oil surges with another storm in mexico gulf Crude prices inch toward 50 a barrel Current oil price levels unsustainably high { December 4 2005 } Decline in inventory larger than expected Depot explosion near london raises oil prices Exxonmobile shell post record profits Exxonmobile tells gas station owners to gouge Gas price drops due to less demand due to high prices Gas prices drop sharply after climbing Gasoline futures surge to record high after katrina { August 31 2005 } Gasoline pump prices high despite crude fall Goldman sachs predicts spike to 105d barrel { March 31 2005 } Greenspan says world must live with high prices Hurricane katrina shoots oil to over 70b Investors raising prices by betting on shortages { March 16 2005 } July futures send above 58 year record { June 17 2005 } London attack causes oil price drop London explosions causes oil price plunge Market shouldnt expect anything from opec More bicycles than cars sold due to oil prices No difficulties on supply side Oil approaches 61 as tropic storms threaten sypply Oil climbs to six week high in january 2005 Oil companies enjoy record earnings in UK { October 4 2005 } Oil demand outpacing supply concerns Oil dives below 50 on dollar gains { May 12 2005 } Oil drops below 50 a barrel Oil falls below 50 in april yet pump prices sour { April 28 2005 } Oil falls below 51 on high inventories { April 13 2005 } Oil hits 64 barrel over supply concern Oil hits new high amid norway strike fears { June 21 2005 } Oil hits record highs as saudi king dies Oil market oversupplied says iran Oil nears 61 as gulf storm gathers again { July 13 2005 } Oil prices hover around 55 dollars Oil prices stay firm above 51 dollars Oil reaches record 58 on supply concerns Oil supplies up as price tops 51 dollars Opec chief wants to increase production Opec oil output highest since 1979 { August 4 2005 } Opec oil output strong { April 2005 } Opec predicts 80 dollar barrel oil spike Opec production surpasses demand OPEC warns that oil prices will stay high Other factors not supply driving up oil Prices fed by speculation and unwarranted fear { April 5 2005 } Prices high despite adequate fuel supply Shell profits soar to historic highs Small car interest falls with gas prices { October 2005 } Speculation by hedge funds running up price US has 700m barrel reserves of oil US oil supplies increase as OPEC boosted production { June 28 2002 } US report sees gasoline prices moving higher still { April 8 2005 } Files Listed: 59

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