Falling oil prices spark major fallout

Oil is so much more than a fuel. It’s a force even bigger than its $3.4 trillion (€2.7trn) market. It’s a weapon, a strategic asset, a curse. It’s a maker and spoiler of fortunes, a leading indicator and an echo chamber.

All these roles have a part in setting its price. The result is a peculiar market that says as much about global economics and politics as it does about supply and demand.

After four years when the highest average oil prices in history often seemed to defy economic gravity, petroleum fell in mid-2014.