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The rise and fall in oil prices: analysis of fundamental and financial drivers

"The paper "The rise and fall in oil prices: analysis of fundamental and financial drivers" was produced by the Cabinet Office, working with DECC and HM Treasury. The paper seeks to shed light on the role of current market conditions, expectations of future conditions, and financial flows into futures markets in explaining oil price trends during this decade, especially the rise and subsequent fall in oil prices since late-2007. The analysis presented in this paper is intended to contribute to the existing debate on this issue, and identify areas for future analytical and policy focus.