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Hansen: Commodities crumble as market scrambles for support

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Commodities are trading at multi-year lows as the market worries about a slowdown in Chinese growth and the possibility of a US Fed rate hike. The mood is so bad that even raw materials that had a promising outlook are falling victim to the sell-off, says Saxo Bank's Ole Hansen.

He discusses which commodities are worst hit with a special emphasis on crude and next month's OPEC meeting. Venezuela, he says, is close to bankruptcy because of the low oil price.