The halving of oil prices over the past six months has caught pretty much every economist by surprise and prompted a rush to explain the reasons behind this astounding drop and the consequences for the global economy .

The falling oil price is a huge shot in the arm. Nonetheless, it is clear that the ECB will have to do something. There is no growth and the debt burden is too high. The world will be flying on one engine, the U.S., for quite some time.

Plunging oil prices are giving a bump to consumer and business spending around the world -- just not enough to increase global growth forecasts.

Sharp drop expected in global E&P spending in 2015

Gulf stock markets may lose steam on Sunday after oil and global equities fell on Friday, although bets on positive fourth-quarter corporate results and dividends may support some stocks.

Plunging oil prices have sparked a big rally in Asian government bond markets as lower fuel costs cut inflation expectations, but the rally could be built on shallow foundations as monetary policymakers remain out of step with tumbling bond yields.

After last year’s plunges in oil and the ruble, Russian President Vladimir Putin now has another thing to worry about: the price of natural gas.

Crude lost another 11 per cent this week amid continuing worries about a supply surplus as demand slows, with the Brent benchmark falling below $50 a barrel.

Crude oil markets continue to search for a bottom as prices declined again in December and the first week of January. The North Sea Brent front month futures price settled at $50.96/bbl on January 8, a decline of $21.58/bbl from December 1

Two benchmark crude oils, West Texas Intermediate (WTI) and Brent, make up about 67% of the weighting in the S&P GSCI energy index. Petroleum-based products (gasoline, heating oil, and gasoil) together comprise another 29% of the S&P GSCI energy index, and because prices for these products generally follow crude oil prices, the index tends to follow the major price movements in the crude oil market.

Oil drama drives shares lower in Asia and Europe

World's largest oil exporter is forcing prices lower to win back market share but the high-risk strategy will test the house of Saud like never before

US can be next Saudi Arabia for oil, says ex-US Treasury Secretary Summers

Saudi Arabia Raises Price of Main Oil Grade for Asian Buyers

Biggest Oil-Rig Drop Since 2009 Spells Tough Year Ahead