Volatility has always been the defining characteristic of oil and other commodity markets, defying repeated attempts to stabilise prices. Volatility is present at all timescales from seconds, minutes and hours to days, weeks, months and years.
At the macro-scale, the oil market has been characterised since its inception in the 1860s by a series of booms and busts lasting for years at a time. Efforts to tame the boom-bust cycle through the control of prices and production have repeatedly broken down...............................................Full Article: Source
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