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The economic and financial properties of crude oil: A review

Korbinian Lang and Benjamin R. Auer

The North American Journal of Economics and Finance, 2020, vol. 52, issue C

Abstract: In this article, we provide a structured review of crude oil price dynamics. Specifically, we summarize evidence on important factors determining oil prices, cover the impact of oil market shocks on the macro economy and the stock market, discuss how the financialization of crude oil markets affects oil market functionality and efficiency, and we then outline approaches for forecasting crude oil prices and volatility. By comparing the results of the most influential early contributions and recent studies, we can identify important developments and research gaps in each field. Thus, our review provides academics and practitioners newly engaging in crude oil research with an overview of what scientists know about crude oil dynamics and highlights which topics areparticularly promising for future research.

Keywords: Crude oil; Macro economy; Stock market; Financialization; Forecasting (search for similar items in EconPapers)
JEL-codes: A10 G00 Q02 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecofin:v:52:y:2020:i:c:s1062940818302559

DOI: 10.1016/j.najef.2019.01.011

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