Trading and Price Discovery for Crude Oils
Trading and Price Discovery for Crude Oils: Growth and Development of International Oil Markets
English | 2021 | ISBN: 3030717178 | 266 Pages | PDF EPUB | 17 MB
English | 2021 | ISBN: 3030717178 | 266 Pages | PDF EPUB | 17 MB
This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities.