Editorial: A changing oil market

Aren't oil prices supposed to leap when warfare erupts in or around the Middle East?Shouldn't the prices of crude oil and petroleum products have zoomed after Oct. 7, when the US and UK, in response to terrorism in the US, began aerial bombardment of military targets in Afghanistan?Apparently not. Prices at midweek had barely budged. The main question in the market was whether the Organization of Petroleum Exporting Countries would lower production quotas to prevent a price slump.Expressions of surprise over the absence of price drama showed that an obsolete view of the oil market endures in the US and elsewhere. It was that view that caused lines to form at service stations in so...

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