The collapse of the price of oil and its consequences for Latin America

The sustained decline in the price of oil –over the last two years– is one of the main issues of concern and uncertainty in the current international scenario. After reaching a peak of US$ 105.79 in June 2014, the WTI oil price fell steadily to settle below US$ 60 in December of that year. This downward trend continued throughout 2015, with fluctuations around an average price of US$ 49, and at the beginning of 2016 the value stood at less than $40. There is no certainty about what the extent of the collapse will be or when the stage of recovery will come.