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Oil is an example of a commodity, which is something of value that is traded in...

Oil is an example of a commodity, which is something of value that is traded in bulk in global markets. Other examples are gold, coal, natural gas, grain, etc. Commodity prices are the result of buyers and sellers interacting in highly competitive and dynamic markets. The article below shows trends in recent history for the price and quantity of oil being traded in the world markets. Each dot represents an equilibrium at a point in time. What are some factors that affect the demand and supply of oil? How would changes in demand and supply get us from one equilibrium to the next? https://www.nytimes.com/interactive/2015/09/30/business/how-the-us-and-opec-drive-oil-prices.html (Links to an external site.)Links to an external site.

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Rahul Sunny answered 1 year ago
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