This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such … as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase … alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of …

being integrated. The world's crude oil market began to diverge at the end of 2010, as demonstrated by the increasing …This study investigates the dynamic integration of the international crude oil market and explores the leading …/lagging relationship between the world's major crude oils — WTI, Brent, Dubai, Tapis and Nigeria — using a time-varying average distance …