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Why oil prices have moved higher

Abstract:
The central point to be made about the move up in oil prices is that it reflects structural rather than cyclical issues. That is to say that higher prices are not the result of a random coincidence of short-term factors that could easily go away again. Instead, the move represents a significant structural shift upwards from the circumstances of the 1990s. Over the past two years, that shift has become reflected in longer-term market values, as is seen in the time curve for West Texas Intermediate (WTI) crude oil prices.
Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's version

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Institution:
University of Oxford
Research group:
Oxford Institute for Energy Studies
Publisher:
Oxford Institute for Energy Studies Publisher's website
Journal:
Oxford Energy Forum Journal website
Volume:
August 2004
Issue:
58
Pages:
10-12
Publication date:
2004-08-05
ISSN:
0959-7727
URN:
uuid:4802af2b-87ab-4d89-aaf2-7d7bb701ca32
Local pid:
ora:10840
Language:
English
Keywords:

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