Oil collapses again in volatile week

London

OIL plunged close to six-year lows last week on oversupply worries, before staging a slight recovery as the International Energy Agency (IEA) declared there were signs that "the tide will turn".

Commodity investors also digested the Swiss central bank's shock move to abandon its policy of weakening the franc, while traders readied for next week's pivotal European Central Bank (ECB) meeting.

Some commodities were weighed down by the strong US dollar.

The euro hit an 11-year low on Friday under US$1.15 on the increasing prospect of fresh stimulus from the ECB, dealers said.

European benchmark Brent tumbled on …