Global oil market price

This essay briefly describes the various principles of economics and economic theories that determine the price of the oil in the global market. It describes vividly the major reasons that have led into the decline of the oil substantially over the past 7 years. Therefore, the essay uses the economic principles in giving the reasons for the decline of the oil price that are based with the oil global market.

[...] Also other new way of drilling oil have been invented which make it faster and cheaper to drill oil. As a result, there is a substantial decline in the oil price in the global market. In conclusion, economic principles have played a major role in the determining of the price of oil in the global market. Over the last decade a lot has been observed concerning the oil markets that has influence its pricing negatively. The decline in oil price in the market has made it to secure great profit maximization. [...]

[...] Robert, L., V Economic principles. On Labour Demand and Equilibria of the Firm. Vol no pp. 612?619. Sloman, J. & Garratt, D Market Structures. In. 6th ed. Harlow: Pearson. [...]