Did speculation drive oil prices? futures market points to fundamentals
AbstractOil market speculation became an especially popular topic when the price of crude tripled over 18 months to a record high $145 per barrel in July 2008. Of particular interest to many is whether speculators drove oil prices beyond what fundamentals would have otherwise justified. We explore this issue over two Economic Letters. In this article, we look for evidence in the futures market that would signal speculation primarily drove prices. In our companion Economic Letter, we examine the physical market.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Dallas in its journal Economic Letter.
Volume (Year): 6 (2011)
Issue (Month): oct ()
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- Michael D. Plante & Mine K. Yücel, 2011. "Did speculation drive oil prices? market fundamentals suggest otherwise," Economic Letter, Federal Reserve Bank of Dallas, vol. 6(oct).
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