Speculate away
A new report argues that speculative trading in the crude oil markets contributes far less to volatility than its critics suggest. Kevin Foster looks at the arguments
Market fundamentals and political events are far bigger factors in current oil market volatility than price speculation. This is the conclusion of a new study from George Washington University.
The study takes issue with a widely held view that derivatives trading by speculators such as hedge funds, which have no direct exposure to the underlying markets, causes price volatility. This view was most recently and publicly espoused by billionaire investor Warren Buffett, who in March
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