Oil prices drop to lowest levels since 2008 financial crisis


The last time Brent light crude oil traded at $56.74 a barrel, the world was in the grips of the 2008-09 financial crisis. But that's where international oil prices fell to on Tuesday before recovering slightly to $57.70. Analysts say that large supplies of high-quality light crude oil, especially from U.S. fracking, and rising alternative sources of power are outweighing shortages in some OPEC nations, especially Libya, where damage from warring factions has reduced oil output close to zero and left the country's infrastructure looking like this:
U.S. light crude also hit a five-and-a-half year low of $52.70 on Tuesday, before ticking up to $53.41 a barrel. Analysts don't expect oil prices, about half of where they were six months ago, to reverse their slide anytime soon.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Can anyone save Jimmy Lai?
Today's Big Question 'Britain's shameful inaction' will mean it's partly 'responsible' if Hong Kong businessman dies in prison
-
The most notable records broken by Taylor Swift
In Depth The pop star has cemented herself as one of the century's most popular artists
-
Gripping political thrillers to stream now
The Week Recommends From power struggles to deadly conspiracies, these addictive shows are nail-bitingly tense
-
British warship repels 'largest Houthi attack to date' in the Red Sea
Speed read Western allies warn of military response to Iranian-backed Yemeni rebels if attacks on ships continue
-
Houthi rebels claim Red Sea ship attacks
speed read Iran-backed Yemeni group vows to escalate aggression towards Israel-linked vessels in revenge for Gaza war
-
Israel plans next phase of Gaza war as first hostages released
Speed read After four-day ceasefire 'we will not stop' until destruction of Hamas, says Israel
-
Mob storms Russian airport 'looking for Jews'
Speed Read Plane from Israel surrounded by rioters chanting antisemitic slogans after landing in Russia's Dagestan region
-
Tuberville's military promotions block is upending lives, combat readiness, 3 military branch chiefs say
Speed Read
-
Ukraine's counteroffensive is making incremental gains. Does it matter in the broader war?
Speed Read
-
US commissions first-ever Navy ship in a foreign port
Speed Read
-
British spy chief, Wagner video suggest Prigozhin is alive and freely 'floating around'
Speed Read