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The Role of Speculation in Oil Markets: What Have We Learned So Far?

Subtitle:
OIES paper: WPM 45
Abstract:

A popular view is that the surge in the price of oil during 2003-08 cannot be explained by economic fundamentals, but was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major determinant of the spot price of oil. This interpretation has been driving policy efforts to regulate oil futures markets. This survey reviews the evidence supporting this view. We identify six strands in the literature corresponding to different empirical m...

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Publication status:
Published
Peer review status:
Reviewed (other)
Version:
Publisher's version

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Institution:
University of Oxford
Research group:
Oxford Institute for Energy Studies
Role:
Author
More by this author
Institution:
University of Oxford
Research group:
Oxford Institute for Energy Studies
Role:
Author
More by this author
Institution:
University of Oxford
Research group:
Oxford Institute for Energy Studies
Role:
Author
Publisher:
Oxford Institute for Energy Studies Publisher's website
Publication date:
2012-01-01
URN:
uuid:4b54229f-9e89-4a3f-a294-d63e26a21499
Local pid:
ora:10329
ISBN:
978-1-907555-44-2

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