OPEC

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.

Oil prices rose on Monday, after dropping for the past two sessions, as escalating clashes stoked worries about supply from the OPEC member.

Oil prices could begin finding a new equilibrium by the end of 2015, even in the absence of any production cuts by OPEC.

Saudi Oil Minister Ali al-Naimi blamed falling oil prices on speculators and lack of cooperation from non-OPEC members

As oil prices go down, tensions are on the rise in Nigeria.

"The fundamentals should not lead to this dramatic reduction [in price]," OPEC Secretary General Abdullah al-Badri says Sunday.

Brent is down roughly 9 percent this week, some 45 percent below its June peak above $115 per barrel.

The benchmark for U.S. crude oil prices tumbled below $60 a barrel Thursday, a psychologically important level.