The emergence of China as an economic superpower

Last week, the future oil price for November delivery was settled at $58.52 - the lowest close since it peaked at a record of $77.03 in July.

Some members of the Organization of the Petroleum Exporting Countries (OPEC) have called for a production cut of 1 million barrels a day. However, Saudi Arabia, the biggest member of OPEC, said it wouldn’t reduce oil shipments to some customers next month. Without the support of Saudi Arabia, the one million barrels a day output reduction was hardly implemented.

According to the Federal Energy Information Administration's weekly survey, the gasoline price sank to $2.26 - the lowest in nearly eight months.

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