Oil fell in 2014 by the most since the 2008 global financial crisis as US producers and the Organisation of Petroleum Exporting Countries ceded no ground in their battle for market share amid a supply glut.

America has a "dangerous" dependence on foreign oil and the US should lift its ban on oil and natural gas exploration, Republican presidential candidate John McCain will say today.

OPEC President Purnomo Yusgiantoro said the US should tap its emergency oil reserve, as members pump near their limit in a failed bid to lower prices from a record high.