The 12 worst investments of 2014, #2: crude oil
Brent crude oil started it slide in June, and by the end of the year it had fallen by 45% as the price war between Opec, the US and Russia raged.
Performance in 2014: -45.1%
See all 12of 2014's worst investments here
What happened?
Who are the losers?
Bloomberg's Bradly Olsen and Tim Loh report that American shale oil firms are "already beginning to cut back drilling". Meanwhile, Russia is in the throes of a full-blown currency crisis. The Saudis' strategy is working.
Who are the winners?
What happens next?
In contrast, private bank Lombard Odier believes that "investors probably need to factor in durably lower oil prices than they have been used to over the past three years".
What have we learned?
See all 12of 2014's worst investments here