Brent crude settled at $55.32 a barrel Friday, about half of what it was selling for in the summer of 2013.
“Investors woke up today and realized not a lot has really changed from the Fed’s previous stance."
Here are four main factors driving oil’s renewed decline.
An Egyptian economic summit draws foreign-investment deals to a country struggling to meet energy demands.
Market skeptics cautioned that the recent rally could fade because supplies keep coming.
Debt in the crude-oil industry may be a major factor in the collapse of the commodity’s pricing, the Bank for International Settlements says.
According to security officials, militants allied to the Islamic State group were behind the attack on the al-Mabrook oilfield.
Analysts say the announcements of capital expenditure cuts by major oil companies are helping support prices.
Samir Salem Kamal, who has been Libya's representative to OPEC for two years, was kidnapped from Tripoli on Jan. 15.
Shell also announced a relatively modest three-year, $15 billion cut in spending to help it weather the plunge in oil prices.
Some OPEC members, including Venezuela, have continued to call for output cuts.
Though global prices jumped on the news of Abdullah's death, experts expect a smooth transition and no big policy changes.
King Abdullah's death has prompted speculation about how his successor will treat the country's oil policy.
British inflation last month unexpectedly tumbled to 0.5 percent, its lowest in more than 14 years and far below the BoE's 2 percent target.
Oil prices have dropped by more than half since June as output around the world soared while demand growth slowed.
Lower prices would eventually start to curb output and boost demand, according to the International Energy Agency.
Commodities came under pressure after the World Bank cut its forecasts for global growth, reinforcing worries of a gloomy economic outlook.
Alcoa boosted investor optimism by posting its best annual results since 2008.
Cash-strapped Venezuela is looking to Beijing, its top financier, for assistance amid falling oil prices and mounting fears of default.
“Saudi Arabia can take a step to have a productive role in this situation,” a top Iranian official said.
Global benchmark Brent crude has fallen 49 percent in 2014.
Brent crude oil fell to a 5-1/2-year low on Tuesday as a global supply glut outweighed concerns of lost supply from Libya.
