How US shale oil production is forcing prices down

Oil prices jumped over Saudi Arabian and Iranian tensions as trading began for the new year.

But most predict this rise will be short lived and we are looking at another torrid year for commodity prices.

With the price of oil so low in 2015 it was great news for the drivers; a nightmare though for countries whose economies depend on oil exports.

The blame, or credit, lies with America's shale oil producers, who have enabled a glut of crude on world markets.

Jeremy Howell reports.