The oil price collapsed last Monday after an acrimonious meeting of the Opec exporters’ cartel. Having been above $105 a barrel as recently as June 2014, US crude fell to $37.65. That represents a 64pc drop in just 18 months – to the lowest level since the worst of the global financial crisis in February 2009.
Oil plunged again last Thursday, moving below $37 – amid further evidence that Opec’s 12 member states, from the mighty Saudi Arabia to tiny Ecuador, are cracking up. After staying well above $40 a barrel for months, crude has now crashed decisively through that psychological lower bound. Now it’s been breached, there’s widespread speculation crude could tumble much further – maybe even as low as $20.