Because oil price reflects the pricing power of the countries where the spot and futures markets are located, the meaning of oil price is different in different periods. For example, the oil price statistics used by BP Company are the average price of US1861-KLOC-0/944, the price of Arabian light oil 1945- 1983, and the spot price of Brent 1983-2008. The fluctuation of oil price we refer to mainly depends on the forward price changes in new york and London futures markets. In wartime, oil is often used as a "weapon". For example, during World War II, the United States imposed an embargo on Japan. Isoroku Yamamoto plans to sneak attack on Pearl Harbor in the United States, with the purpose of destroying American naval forces in the Pacific Ocean, so as to ensure Japanese oil supply and transportation lines from Southeast Asia. During the oil crisis, the Organization of Petroleum Exporting Countries used oil as a weapon to fight back against western countries, which led to the oil crisis and became the fuse of economic stagflation in western countries. After the end of the cold war, the era of globalization came. Oil returns to its commodity attribute. In a word, in the environment of peace and development, the political attribute of oil is weakened, the economic attribute becomes the norm, the financial attribute becomes more and more obvious, and oil price fluctuation becomes a financial phenomenon. It should be noted that the "oil price" we usually hear on the radio is generally the real-time price in the futures markets of new york and London, while the oil price used for post-event statistics and research is generally the transaction price in the spot market.
Tips: The above contents are for reference only.
Response time: 2021-1-11. Please refer to the latest business changes announced by Ping An Bank in official website.