The effects of changes in the price of crude oil traded on the international petroleum exchanges can be far-reaching, not just for the British economy but for the global economy too. A basic study of the oil market is a useful application of the principles of supply and demand analysis and a way of understanding the interconnections between the microeconomics of the oil market and their macroeconomic consequences.
Market theory in action - what determines crude oil prices?
Oil is one of the most heavily traded commodities in the world. Fluctuating prices have important effects for oil producers/exporters and the many countries that remain dependent on oil as a key input in their energy, manufacturing and service industries.
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