The Factors that Influence the Price of Crude Oil

Research Article
Open access

The Factors that Influence the Price of Crude Oil

Haolun Xu 1*
  • 1 Shanghai Starriver Bilingual School    
  • *corresponding author Tonyxu20051123@gmail.com
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/20/20230182
AEMPS Vol.20
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-83-6
ISBN (Online): 978-1-915371-84-3

Abstract

The current Russia-Ukraine war that started on February 24th, 2022, saw almost an immediate drop in stock market indices around the world but a corresponding rapid rise in the Crude Oil and Gold prices in the world commodity market. This is a most interesting cause-and-effect reaction, but apparently, the commodity of Crude Oil has always been closely related to wars, social struggles, economic upheavals, and geopolitical confrontations. This paper will attempt to concentrate on world history since 1950 and observe and study and analyze the interrelationship between oil prices and these outside factors that influence them. The ultimate aim is to arrive at some conclusions that will support several preliminary observations and hypotheses.

Keywords:

crude oil, history, economic

Xu,H. (2023). The Factors that Influence the Price of Crude Oil. Advances in Economics, Management and Political Sciences,20,125-130.
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References

[1]. Joseph P. Riva Major oil-producing countries Retrieved May 2022 from Britannica: https://www.britannica.com/science/petroleum/Major-oil-producing-countries

[2]. Oil crisis of the 1970s Retrieved May 2022 from Energy Education: https://energyeducation.ca/encyclopedia/Oil_crisis_of_the_1970s

[3]. Crude Oil Prices - 70 Year Historical Chart Retrieved May 2022 from Macrotrends: https://www.macrotrends.net/1369/crude-oil-price-history-chart

[4]. IXIC retrieved May 2022 from investing.com: https://cn.investing.com/indices/nasdaq-composite-historical-data

[5]. James D. Hamilton (2009) “Understanding Crude Oil Price” The Energy Journal 30(2), 179-206(2009).

[6]. Shi Y, Wang G, Cai XP, Deng JW, Zheng L, Zhu HH, Zheng M, Yang B, Chen Z. An overview of COVID-19. J Zhejiang Univ Sci B. 2020 May;21(5):343-360.


Cite this article

Xu,H. (2023). The Factors that Influence the Price of Crude Oil. Advances in Economics, Management and Political Sciences,20,125-130.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development

ISBN:978-1-915371-83-6(Print) / 978-1-915371-84-3(Online)
Editor:Canh Thien Dang, Javier Cifuentes-Faura
Conference website: https://2023.icmred.org/
Conference date: 28 April 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.20
ISSN:2754-1169(Print) / 2754-1177(Online)

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References

[1]. Joseph P. Riva Major oil-producing countries Retrieved May 2022 from Britannica: https://www.britannica.com/science/petroleum/Major-oil-producing-countries

[2]. Oil crisis of the 1970s Retrieved May 2022 from Energy Education: https://energyeducation.ca/encyclopedia/Oil_crisis_of_the_1970s

[3]. Crude Oil Prices - 70 Year Historical Chart Retrieved May 2022 from Macrotrends: https://www.macrotrends.net/1369/crude-oil-price-history-chart

[4]. IXIC retrieved May 2022 from investing.com: https://cn.investing.com/indices/nasdaq-composite-historical-data

[5]. James D. Hamilton (2009) “Understanding Crude Oil Price” The Energy Journal 30(2), 179-206(2009).

[6]. Shi Y, Wang G, Cai XP, Deng JW, Zheng L, Zhu HH, Zheng M, Yang B, Chen Z. An overview of COVID-19. J Zhejiang Univ Sci B. 2020 May;21(5):343-360.