Oil prices have steadied at around $50 a barrel this month as markets begin to find their equilibrium after a dramatic spike to nearly $150 in the first half of last year gave way to an unprecedented collapse to near $30.
Asian energy ministers and their Middle East counterparts meet in Tokyo on Sunday to discuss the outlook for prices.
Here is a brief timeline charting the price highs and lows since January 2008.
Jan 2, 2008: US crude briefly breaks the $100 barrier for the first time on the first trading day of 2008. Prices rise fairly steadily through the first half of the year.
March 5: Despite new record price highs of over $104 a barrel, Organisation of the Petroleum Exporting Countries (OPEC), which pumps more than a third of the world's oil, says it will not put more oil on the market. It says there is enough oil, and blames US economic "mismanagement" for global prices.
June 6: Prices surge $11 to a record high near $139 a barrel on a slumping dollar and mounting tensions in the Middle East. Soaring crude leads a frenzied broad-based commodity rally on US grains and oilseed futures markets.
June 7: Average retail price for regular gasoline tops $4 a gallon for the first time in the United States.
July 11: Oil peaks at $147.50 for Brent and $147.27 for US crude.
July 15: A sell-off begins after remarks by Federal Reserve Chairman Ben Bernanke indicating a significant fall in demand in the United States, the world's top consumer.
July 18: Oil prices drop by more than $18 from a week ago to $128.88 per barrel. The price fall is triggered by a 3 million barrel increase in US crude stocks and falling US demand.
Aug 15: Prices continue sharp decline, falling to around $110 a barrel for Brent crude.
Sept 15: Prices below $100 a barrel for first time since March 4, and still falling.
Sept 22: Oil spikes $16 in biggest one-day gain on record. Prices pop over $120 a barrel, extending a climb from a low near $90 the previous week after the United States unveils a sweeping rescue plan for its battered financial sector.
But soon after, oil prices begin a heavy slide. Nov 21: National average price of regular gasoline falls below $2 a gallon for first time since March 2005 - dropping 3.1 cents to $1.989.
Dec 19: Oil drops below $34 a barrel - charting about a 75 per cent loss of value since July.
Jan 2, 2009: Oil falls more than $3 on first day of trading, with US crude at $41.25 a barrel and Brent at $42.18.
April 24: US crude just below $50 a barrel, Brent just above at $50.29.
Agencies
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