2014 was a weird financial year. Oil hit a record high and low, economic war erupted over Ukraine, bankers found new tricks to cheat, China’s role significantly increased, and while the US pulled itself out of recession, Europe looks poised to re-enter.
Oil hits high and low
June saw oil prices peak at $116 a barrel, and just six months later they have halved to $60 a barrel. Prices plunged further when OPEC decided to keep production at 30 million barrels per day. Exporters such as Canada, Norway, and Russia have seen their currencies tumble on the back of weaker oil prices.
The ruble suffers perfect storm