IF CHANGES IN prices are supposed to be triggered by changes in supply-and-demand fundamentals, then the rise of oil in March past $110 a barrel, on a day when data showed rising inventories and slowing demand growth and it’s subsequent fall days later blamed on a strengthening US dollar, seem to suggest that other factors are at work.
Indeed, those looking to understand oil’s more than 40% rise since last year will also be hard pressed to find their answer in short-term supply-and-demand fundamentals in the market for the physical product, which have not moved anywhere near as much.
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