2015 was the year that oil prices tanked – from US$120 a barrel in July 2014 to below US$40 a barrel in December 2015. OPEC countries have continued pumping oil to keep prices down with the hope of hurting the US shale oil industry, but experts predict oil could go below $30 a barrel in 2016.
As for other commodities, they have continued to slide alongside oil amid weak demand (especially from China). So the prediction – by several experts, including economist, John Baffes at the World Bank (lead author of their Commodity Markets Outlook – is that raw material prices (including for metals, natural and synthetic fibers) will stay low for 2016. Think Tank pundits at Oxford Economics predict lackluster global economic growth for 2016 which also supports the view towards lower commodity prices.