Crude Oil Market and the Law of Supply
Code : ECC0061 |
Region : Global |
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Introduction: With the global economy mostly dependent on the oil market, the price of oil was one of the major determinants of growth for any economy and for the allocation of resources in the industry. In the market economy, price was determined by market supply and demand. But the low elastic supply and demand of oil, particularly in the short run, had a major impact on the global economy. The crude oil market had never been subject to the law of supply and demand; the supply of crude oil was determined by factors other than its price in the market. |
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