Crude oil takes a second leg down in 2015

As the year comes to a close a review must be made to understand why the crude oil prices collapsed in 2015. Oil has taken tremendous blows this year from a number of different sources including unnaturally high temperatures, China's economic slowdown and OPEC's decision to defend market share at all costs.

"The effect of downturn in oil has not been limited to the commodity market, the industrial and mining sectors among others have also been significantly affected by falling oil prices", says Voya Global Perspectives.

As for 2016, it does not look like an immediate turnaround is evident for the global supply glut but oil projects are being cancelled or curtailed and projects and capital planned as OPEC continues to exceed their daily production ceiling.