Crude oil prices had a dramatic year in 2014 as the rapid buildup of US shale production and the reluctance of the OPEC to cut output sent supply much higher, to an extent that was unable to be absorbed by global demand. The WTI crude futures plummeted -46% last year while the Brent crude contract declined -48%. Both contracts slumped to the lowest level since 2009. (WTI: US$52.44; Brent: US$ 55.81).
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World Economy Enters a Low Oil Price Era
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