Oil price falls on lower demand

Global gloom depresses oil price
The price of oil drifts below $55 a barrel, amid increasing worries over falling demand and slowing global growth.

Record one-day jump in oil price
The price of oil has jumped by more than $16 to $120 a barrel in the US, the biggest one-day gain on record.

Oil price rises on supplies fall
The price of oil climbed by almost $3 after official figures showed US crude stockpiles fell unexpectedly last week.

Higher oil price boosts BP profit
Oil giant BP announces a 6% rise in profits for the second quarter of 2008, largely thanks to a sharp rise in the price of oil.

Iran optimism steadies oil price
The price of oil falls slightly on hopes Iran will react well to plans to resolve a dispute over its nuclear development.