The U.S. oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009.
Oil prices rose as escalating clashes in Libya stoked worries about supply from the OPEC member.
Russian President Vladimir Putin says the proposed South Stream gas pipeline will not go ahead.
Venezuela must pay oil giant Exxon Mobil $1.6B in compensation for expropriated assets.
Ruling that could add nearly $18 billion in fines to more than $42 billion in charges.
Oil giant BP has reported a rise in second quarter profits boosted by increased production.
Court awarded shareholders in the defunct Russian oil company Yukos largest compensation package to date.
Deal secures the world's top energy user a major new source of the clean-burning fuel.
The British company posted quarterly profit slightly above forecasts despite difficulties in Russia.
Billing was the biggest source of concern in gripes forwarded to the Energy Ombudsman.
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