Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2023 International Conference on Management Research and Economic Development
Series Vol. 20 , 13 September 2023
Open
Access | Article
The Factors that Influence the Price of Crude Oil
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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
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.
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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- Volume Title
- Proceedings of the 2023 International Conference on Management Research and Economic Development
- ISBN (Print)
- 978-1-915371-83-6
- ISBN (Online)
- 978-1-915371-84-3
- Published Date
- 13 September 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/20/20230182
- Copyright
- 13 September 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited