Energy Risk Europe 2012: Speculation tending to push oil prices lower

In recent years, speculation in oil markets has been associated with price falls more than price rises, but speculative activity is transforming the oil market into an asset play subject to new macroeconomic influences, says Leo Drollas, chief economist at the Centre for Global Energy Studies

Since late 2008, speculators in oil markets have contributed more to price falls than prices rises, according to Leo Drollas, chief economist at the Centre for Global Energy Studies (CGES).

Delivering the keynote speech at this year's Energy Risk Europe conference, Drollas said that, although he believes speculation did contribute to the oil price spike in July 2008, since then speculative intensity has usually been accompanied by a drop in price.

According to CGES' Index of Speculation Activity

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