Co-movements of crude oil prices
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Tarih
2024
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Routledge Journals, Taylor & Francis Ltd
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This paper investigates whether the world crude oil market is globalised in a 'one great pool' or is regionalised by examining the prices of 21 different types of crude oil from various regions worldwide. We employ monthly data from October 2011 to November 2020 to construct spatial panel data models. Using three weight matrices, we account for the physical properties affecting crude oil quality and geographical factors. The resulting empirical evidence reveals that although we cannot refute the globalisation hypothesis, there are distinct price mechanisms specific to each type of crude oil. The pricing of crude oil appears to be influenced by a combination of similar and dissimilar qualities, including American Petroleum Institute gravity (API) gravity, sulfur content and geographical location.
Açıklama
Anahtar Kelimeler
oil prices; globalisation of oil market; regionalised oil market; spatial panel data models; C23, Q40; Q41
Kaynak
Spatial Economic Analysis
WoS Q Değeri
N/A
Scopus Q Değeri
Q1
Cilt
19
Sayı
4
