| Oil has been the most talked-about commodity over the past one-and-a-half years, with wild swings in its prices. Last month, oil price slipped to a level not seen in more than 12 years, thanks to growing supply and falling global demand. In fact, the commodity has plunged about 70% since the summer of 2014.
This is because oil production has risen worldwide with the Organization of the Petroleum Exporting Countries (OPEC) continuing to pump at near-record levels, and higher output from the likes of U.S., Iran and Libya. Additionally, a strong U.S. dollar backed by a rate hike has made dollar-denominated assets more expensive for foreign investors and has thus dampened the appeal for oil...............................................Full Article: Source
|