World Oil Market: Price-Setting Mechanism in the “Third Oil Shock” Period

Abstract

The aim of the article is to conduct a brief analysis of the main supposals (both of scientific and publicistic character), which as a whole give an insight into the key factors of oil price changes in the last ten years, and to suggest a peculiar model to explain such changes. The developed model proves empirically: 1) close interrelation between the world oil prices dynamics and the extent of the U.S. portfolio outstanding; 2) the existence of a cyclic financial means spill-over from the American stock market to the oil futures segment, and backwards; 3) sophistication of the oil market structure, its transformation to the commodity derivatives market.