Oil spearheads rout in 2015, hits 11-year low

London

OIL collapsed by almost 40 per cent this year to strike 11-year lows on chronic oversupply, demand fears and China's slowdown, in a global commodities rout that sent metals tumbling.

Europe's benchmark oil contract, Brent North Sea crude, nosedived on Dec 22 to just US$35.98 per barrel - the lowest level since early July 2004.

And US benchmark West Texas Intermediate (WTI) tanked on Dec 21 to US$33.98 a barrel - which was a point last seen in mid-February 2009.

Opec has continued to pursue its strategy to maintain its collective oil output despite abundant supplies of cr…