Top 10 world news events in 2008

1. Sharp fluctuation in oil prices had the world in jitters

A petrol station in front of the OPEC headquarters is pictured in Vienna October 24, 2008. An emergency OPEC meeting on Friday reached swift agreement to chop production by 1.5 million barrels oil per day (bpd) as a first step toward halting a deep oil price slide.

On Jan. 2, the price of crude oil futures in New York touched 100 U.S. dollars per barrel for the first time. Oil prices continued to increase to reach a new high of 147.27 dollars per barrel on July 11.

However, influenced by factors such as the world economic slow down, and decline in market speculation, international oil prices dropped significantly thereafter. New York oil prices fell to 33.87 dollars per barrel on Dec. 19, the lowest in five years.