World oil prices fell the most last year since the financial crisis of 2008.
When
the stock closed at the end of 2014, the price of Brent crude from the
North Sea and West Texas Intermediatedari America, both of which are an
international benchmark, has dropped more than 45 percent last year.
Almost
all of the decline in prices that occurred since June, when prices
reached more than 100 dollars per barrel. At the end of the year, Brent
traded 57 dollars 33 cents a barrel and US crude oil at 53 dollars 27
cents.
Analysts said the decline in prices was due to an abundant supply on the world market, which is caused by various factors.
The
US and Canada have increased their oil production, thanks to fracking
technology that allows companies drilling reach oil deposits that were
previously unreachable. US oil production reached 9 million barrels per
day, the highest level in more than 30 years.
At
the same time, economic growth slowed in China, the largest energy
consumer in the world, while the Japanese economy entered into recession
and the euro currency exchange rate almost shrunk.
But
in the US, lower oil prices have led to the lowest gasoline prices for
the owners of motor vehicles within a few years, and helped boost growth
in the world's largest economy.
Experts say oil prices could continue to fall in the first quarter of 2015 before rising again.
Source: VOA
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