| Crude oil slumps the most in 2014 amid a battle for market share between Opec and shale oil producers Oil fell in 2014 by the most since the 2008 global financial crisis as US producers and the Organisation of Petroleum Exporting Countries ceded no ground in their battle for market share amid a supply glut.
The US benchmark ended at a five-year low on 31 December, capping a 46 percent drop in 2014, as stockpiles of crude oil and petrol reached seasonal record highs and as OPEC produced more than its quota in December for a seventh month. Goldman Sachs Group Inc. said it expects a “far lower” new normal for prices and Barclays Plc said oil has “further downside risk”...............................................Full Article: Source
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