Abstract

PUYANA, Alicia; RODRIGUEZ PENA, Isabel  and  GARCIA MANRIQUE, Lilia. Factors explaining the instability of the international oil market. Rev.econ.inst. [online]. 2021, vol.23, n.45, pp.227-256.  Epub Sep 01, 2022. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v23n45.11.

There is evidence on the instability and unpredictability of the oil market due to political, military, technological and climatic phenomena. The novel and close relationship between the energy and financial markets, particularly futures market, adds complexity. The article aims to understand the impact of speculation on oil prices and the relationship with structural variables during the period 2000-2017. The effect although strong, does not cancel the supply and demand effects.

Keywords : Financial market; oil; speculation; volatility; supply and demand; JEL: Q02, Q40, Q41, Q43, Q47.

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