Chatham House Primer: The Price of Oil

Starting in mid-2014, the price of oil fell nearly 70 per cent in 20 months, from $115 a barrel in June, to under $35 at the end of February 2016. This collapse was widely reported in the media and used by many commentators to forecast dire economic consequences. But what does the price of oil mean and does it have any relation to the state of the wider global economy?