Oil prices are on course for their largest annual slide since 2008, capping another dire year for commodities, as crude fell again yesterday to hover at close to half its level of six months ago.
Brent crude’s 49 per cent plummet since June — alongside a near halving of iron ore prices and sharp drops in coal and copper — has helped drag the Bloomberg Commodity index down 15.6 per cent in 2014 to a five-year low.
While the international benchmark’s price plunge could prove a major boon for the global economy, it has thrown big oil exporters such as Russia and Venezuela into disarray and forced oil companies to re-examine their investment plans and look for ways to reduce costs.
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