IMF: Noughties oil swings driven by demand
An IMF paper published in August investigates the sharp movements in oil prices during the last decade and finds demand factors had a strong impact on the fluctuation in prices, with no evidence of speculation.
In the third quarter of 2007, the price of oil rose gradually to about $75 per barrel, before sharply spiking to more than $140 per barrel in July 2008. When world economies began to weaken in early 2008, the price of oil dived, reaching $40 per barrel by the end of 2008. Some economists
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