Barrel of US crude drops below $40

NEW YORK (AP) — A barrel of U.S. crude oil fell below $40 per barrel for the first time since the end of the global economic crisis.Friday's fall, to $39.86, was just the latest indicator of a vast shift in the energy landscape over the past year.

Commodities Stumble as Greece Sends Investors to ‘Safety First’

Oil, metals and grains tumbled as Greece’s vote against further austerity and China’s emergency measures to support domestic stocks shook confidence in global economic growth, sending investors to haven assets.

Norway’s PM Relieved as Nation Avoids Crisis of Sub-$45 Crude

Norwegian Prime Minister Erna Solberg is breathing easier now that western Europe’s biggest crude producer looks poised to avoid the peril of oil prices sinking below $45 per barrel.

As oil prices continue to fall, could it spell global trouble for the year ahead?

As oil producers count the cost of the plunging oil price, countries that rely on oil imports are rubbing their hands.

Nigeria Won’t Cut Spending Yet With Oil Above Budget Peg

Nigeria, Africa’s biggest oil producer, won’t cut spending while crude prices remain above the benchmark used for this year’s budget, Trade and Investment Minister Olusegun Aganga said.

Kuwait Joins Saudi View of No Immediate OPEC Supply Cuts

Two of OPEC’s biggest members say they won’t immediately reduce oil production to offset tumbling prices, a signal the group is unlikely to heed Venezuelan calls for an emergency meeting.

Oil price hits two-year low after Saudi price cut

Global oil prices have fallen to their lowest level in more than two years after Saudi Arabia cut its official selling price.

WTI Crude Set for Biggest Loss in a Week With Brent

West Texas Intermediate crude was headed for its biggest loss in a week as U.S. economic data bolstered the outlook for higher interest rates.

Saudis Said to Maintain Oil Output After Biggest Cut Since ’12

Saudi Arabia, the largest crude producer in OPEC, plans to keep output steady until the end of the year, a person with knowledge of the country’s oil policy said. It made the biggest cut in 20 months in August.

Brent Crude Falls to Two-Year Low After IEA Demand Cut

Brent crude fell to the lowest level in more than two years, narrowing its premium over West Texas Intermediate, after the International Energy Agency cut demand forecasts.

WTI, Brent Oils Set for Weekly Drop on Slow Jobs Growth

West Texas Intermediate and Brent crudes dropped after weaker-than-estimated U.S. jobs growth in August and as Ukraine and pro-Russian separatists agreed to a cease-fire.

Iran Oil Minister: Oil Prices Appropriate, Decline Is Short-Lived

Iran’s Oil Minister Bijan Zanganeh said on Tuesday that current oil prices are appropriate and the recent decline would be brief.

Brent Erases Iraq Rally With Price Below When Mosul Taken

Brent crude fell the most in more than two months, reversing a rally that started when Islamist militants seized the northern Iraqi city of Mosul almost a month ago. West Texas Intermediate also declined.

Crude Records Year’s Biggest Weekly Gain on Iraq Unrest

West Texas Intermediate and Brent crudes charted the biggest weekly gains this year as Islamist fighters extended their advance in Iraq, triggering concern of a return to civil war. Futures in New York climbed 4.1 percent this week while they added 4.4 percent in London.

OPEC Loses Price Power as Saudis Take Control

OPEC isn’t moving oil markets like it used to. As Saudi Arabia, the world’s largest oil exporter, has acted with more independence and crude prices stabilized, the group’s gatherings in Vienna to discuss output have lost potency.

Iraq Oil Revival Stalls Again as Violence Pinches Growth: Energy

The revival in Iraqi oil output has stalled. Again. Production forecasts for 2014 are getting less optimistic. The Oil Ministry’s official target is 4 million barrels a day by the end of the year.

Libyan rebels agree to reopen two oil terminals after deal

Two Libyan oil terminals have reopened, after rebels agreed partially to lift their oil blockade in a deal reached with the government.

Libya Vows to Block Tanker Attempt to Lift Oil in Rebel Port

Libya’s government vowed to prevent a tanker from leaving a rebel-held oil port as it struggles to reassert control over the nation’s main revenue source.

Brent Crude Rises to Two-Month High on Ukraine

Brent crude surged to a two-month high amid escalating tension between Ukraine and Russia, the world’s largest oil producer.

Brent Falls on German Data as WTI Discount Narrows

Brent crude dropped after German industrial output unexpectedly fell, signaling an uneven recovery in Europe’s largest economy.