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World oil prices tend to be strongly correlated with The development of new oil drilling technologies, like shale oil extraction Events that affect OPEC member

World oil prices tend to be strongly correlated with The development of new oil drilling technologies, like shale oil extraction Events that affect OPEC member nations, like the Iran-Iraq War (1980) A political party updating their platform to target less growth and development in order to burn less oil (produce less carbon) Large demand increases in oil like the economic development of countries leading to large percentage changes in GDP growth Global financial recessions A drought that reduces major wheat crop yield

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