Oil prices have fallen dramatically to the mid-$30s on the New York Mercantile Exchange from more than $105 per barrel in 2014. Such extraordinarily low prices are affecting global stock markets, big oil exporters and consumers worldwide.
How can we explain this crash and where are oil prices headed?
The global economy is in the doldrums, and China, the world's biggest oil importer, appears plagued by structural political and economic problems that it may or may not overcome in the next few years. Energy agencies have therefore lowered global oil demand forecasts.
These problems have rattled traders on markets such as the...