Overview
Petroleum prices are determined by many factors. Demand varies with economic conditions and supply is controlled in part by the world's major exporting countries. Other influences on oil markets are discussed below.
Examples of other factors influencing petroleum prices include:
o The price of oil is inversely related to the value of the United States dollar.
o International disputes tend to push the price of oil upward.
o Technical factors identified in studies of changes in oil prices.
o Market speculation; this was a likely factor in pushing oil prices to the highest level in history in July of 2008.
Thailand imports petroleum primarily from the Dubai market and the Dubai reference price for crude is a significant component in setting domestic prices. Most Dubai oil is sold within Asia. Dubai oil is of low quality due to high sulfur content, and is thus less expensive than Brent and West Texas Intermediate crude. The reference price for refined oil, on the other hand, is the Singapore price.
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