Conventional wisdom says that oil prices are controlled by the Middle Eastern countries which actually produce the stuff. If you told Middle Eastern countries that today, they would likely laugh at you writes Blake Clayton:

• When America’s Federal Reserve decided to continue monetary easing prices soared as investors looked to invest in commodities. If the US decides to tap into its emergency stockpile of oil then prices will likely fall. Overall this gives Washington a lot of power over prices.
• If Israel attacks Iran then prices will also likely soar, meaning that Israel, too, can strongly influence prices.
• If China’s economy doesn’t pick up soon then oil prices will fall.
• If Angela Merkel lets parts of the Eurozone breakoff then oil prices could go either way depending on how the breakup happens. Thus Berlin, too, can influence prices.
• All in all the days when OPEC was the final arbiter of prices has passed.

Click here to read about the other countries that could cause prices to change tomorrow.

Source: Foreign Policy