Every country needs a few basic ingredients in order to achieve healthy, sustained economic growth.

CNOOC Ltd. (NYSE ADR: CEO) and Sinopec Corp. (NYSE ADR: SHI) have agreed to buy a 20% stake in an oil field off the shore of Angola for $1.3 billion, illustrating China’s persistent attempts to acquire resources for its economic expansion at a time of weakness for many Western oil majors.

Experts roundly agree that the recession is only a short-term blip in the long-term escalation of oil prices. And this time, there are 1.05 trillion reasons why oil is going to climb well past its peak last year.

Oil prices have fallen 70% since hitting a record $147.27 a barrel in July, which means in just five months, crude has given up all the price gains it made in the past four years.

Oil prices could fall as low as $20 a barrel in early 2009, says Jason Simpkins. But don’t expect these low prices to last long. Dwindling investment will prompt a longer-term supply crunch, which will send crude to new record highs. Jason gives seven ways to profit from this coming spike.

Existing Home Sales Down 3.1%; Chile’s 3Q GDP Beat Forecast; SunPower Finishes 18-Megawatt Plant; Cnooc Pushing to Develop More Oil Sites; Alpharma Gets Kinged; Xerox On Track; Oil Jumps 9%;

The Coca-Cola Company (NYSE:KO) announced yesterday that it will buy China Huiyuan Juice Group Ltd. for $2.3 billion (HK$17.9 billion) in an effort to diversify its presence in one of the world’s fastest-growing beverage markets. But the deal still requires government approval, says Money Morning’s Jason Simpkins,which is anything but guaranteed.

Global investors need to “hit the BRICs” – literally. Back in 2003, the Goldman Sachs Group Inc. (GS), eager to push its clients towards global investing – especially in the emerging markets – invented the acronym “BRIC” (Brazil, Russia, India and China) to represent the four emerging markets it believed were destined to become dominant economies in the years to come.

Officially, we’re in a bear market if the index falls more than 20% below its peak. Yesterday afternoon, the FTSE reached that point. It closed a little higher, meaning the bear market hasn’t officially started yet. But it’s only a matter of time.