Although parsing the 2014-2015 oil-price shock is not as straightforward as in the two previous episodes, the driving forces seem to be roughly evenly split between demand and supply factors. Certainly, a slowing China that is rebalancing toward domestic consumption has put a damper on all global commodity prices, with metal indices also falling sharply in 2015.
尽管剖析2014—2015年油价冲击不像前两次那么直观，但驱动因素似乎是需求和供给五五开。显然，中国因为转向国内消费的再平衡而减速给一切全球大宗商品价格踩了刹车，2015年金属指数也剧烈下跌。（比如，11月底黄金价格为每盎司1,050美元，远低于2011年9月近1,890美元的峰值，铜价较2011年也下跌了相近幅度。）