Oil Caps Biggest Yearly Slump Since 2008 Amid Supply Glut
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Oil fell in 2014 by the most since the 2008 global financial crisis as U.S. producers and the Organization of Petroleum Exporting Countries ceded no ground in their battle for market share amid a supply glut.
The U.S. benchmark ended at a five-year low yesterday, capping a 46 percent drop in 2014, as stockpiles of crude oil and gasoline 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.”