Global Oil Prices: What's Behind the Drop?

In the summer of 2014, global oil prices began what would become one of the sharpest rates of decline in years. By January 2015, global oil prices plunged to the lowest values since the depths of the 2009 global recession. After only a slight reprieve, August rolled around and Brent, a global oil price benchmark grade, was trading still lower at around $49 per barrel, a roughly 55 percent decrease since July 2014. The American benchmark crude oil, West Texas Intermediate (WTI), was trading at...