Oil prices drop to lowest levels since 2008 financial crisis

last updated 8 January 2015

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:

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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.

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