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The Catalyst Behind Low Oil Prices

The rise in U.S. output means no swing producer controls the fate of today’s oil prices.

Oil prices have been heading south again, with a barrel of US crude recently falling below $42 – the lowest level since March 2009, the nadir of the global financial crisis. And, while last year’s sharp price drop was heavily influenced by two large supply shocks, the current decline also has an important demand dimension. […]