Juvenal, Luciana; Petrella, Ivan - C.E.P.R. Discussion Papers - 2014
The run-up in oil prices since 2004 coincided with growing investment in commodity markets and increased price … most important driver. (ii) The increase in oil prices over the last decade is mainly driven by the strength of global … collapse. (iii) The comovement between oil prices and the prices of other commodities is mainly explained by global demand …