World Bank slashes outlook for 80% of commodity prices

The World Bank has cut its price forecast for 80 percent of the world's major commodities as oversupply and weaker emerging market growth prospects weigh on demand.

In its latest report, out Tuesday, the bank has cut its 2016 forecast for crude oil prices to $37 per barrel, down from $51 per barrel in its October report, citing the sooner-than-anticipated resumption of exports by the Islamic Republic of Iran and greater resilience in U.S. production.

World Bank slashes outlook for 80% of commodity prices