World Oil Market: Price-Setting Mechanism in the Third Oil Shock Period

322
DOI: 10.20542/0131-2227-2010-2-3-13

L. Razumnova, Moscow State Linguistic University, 38, Ostozhenka Str., Moscow, 119034, Russian Federation (razumnova2003@yandex.ru)
N. Svetlov, Moscow State Linguistic University, 38, Ostozhenka Str., Moscow, 119034, Russian Federation (svetlov@timacad.ru)

Abstract. The aim of the article is to conduct a brief analysis of the main supposals (both of scientific and publicistic character), which as a whole give an insight into the key factors of oil price changes in the last ten years, and to suggest a peculiar model to explain such changes. The developed model proves empirically: 1) close interrelation between the world oil prices dynamics and the extent of the U.S. portfolio outstanding; 2) the existence of a cyclic financial means spill-over from the American stock market to the oil futures segment, and backwards; 3) sophistication of the oil market structure, its transformation to the commodity derivatives market.

Keywords: world oil market, oil prices, “The Third Oil Shock”, speculative capital, price fluctuations scope, oil futures market, U.S. portfolio outstanding, econometric model


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For citation:
Razumnova L., Svetlov N. World Oil Market: Price-Setting Mechanism in the Third Oil Shock Period. World Eonomy and International Relations, 2010, No 2, pp. 3-13. https://doi.org/10.20542/0131-2227-2010-2-3-13



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