Trendsetters in International Oil Market

To analyze the international oil market and predict future oil prices and the underlying reasons therefor is often a difficult undertaking. Like every other commodity and every other market three groups of elements have their individual impact on oil: Number one is basic elements that include mainly supply and demand and their underlying factors with often long-term consequences. Number 2 is politico-psychological reasons. They are political developments with psychological consequences, and as long as those developments continue to exist so will their consequences. These consequences are often of mid-term character, and finally there are technical elements that have short-term implications. This survey reviews all factors that leave their impact on the market and on the world oil prices within the above terms. In this survey we will also list the number and the variety of those factors and their diverse impacts on oil market and we will attempt to find out the reasons why it is difficult to clearly analyze current developments and forecast future trends in the market. Since the whole issue is much to broad to be covered in its every aspect in such a brief article as the present I will make an effort to offer the most important of those elements in the present oil market