New York
ONE of the biggest events in an eventful fourth quarter of 2014 may have been something that didn't happen.
As crude oil prices plunged during the period, investors counted on Saudi Arabia to announce a production cut to support the market when the Organization of the Petroleum Exporting Countries (Opec) met in late November. The Saudis did not, and the decline accelerated.
West Texas Intermediate, the main US grade, fell 41.4 per cent in the last three months of the year, to US$53.46 a barrel. The price hit its 2014 peak, near US$108, in June.
It's no surprise that shareholders in mutual funds specialising in energy stocks were hit hard in the quarter; the average one tracked by Morningstar...
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