2001: Excessive Speculation Drove Oil Prices Down?

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2001: Excessive Speculation Drove Oil Prices Down?

By Mark Perry on June 26, 2008 | More Posts By Mark Perry | Author's Website

What happened in 2001?

Oil prices plunged by 33% and went from almost $30 to below $20, at the same time that “excessive speculation” was increasing, at least measured by open interest of oil futures contracts? Isn’t speculation and futures trading supposed to drive prices up, now down?

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