OPEC spare capacity set to reach levels last seen in the depths of the financial crisis in 2009, analysts say One piece of the jigsaw puzzle is missing to complete the deflation landscape across the West: a slide in oil prices. This is becoming more likely each month. Turmoil across the Middle East and parts of Africa has choked supply over the past two years, keeping Brent crude near $110 a barrel despite a broader commodity slump. Cotton and corn prices have halved, as has the UBS (Xetra: UB0BL6 – news ) index of industrial metals. Such anomalies rarely last. “We estimate that crude oil is now the mostly richly priced commodity in the world,” says Deutsche Bank (Xetra: DBK.DE – news ) in a fresh report. Michael Lewis, the bank’s commodity strategist, said markets face an “new oil supply glut” as three […]