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Financialisation in oil markets: Lessons for policy / Bassam Fattouh &#38; Lavan Mahadeva, Vox EU.org, 21 December 2012http://www.voxeu.org/article/financialisation-oil-markets-lessons-policyIn the last decade, there has been an explosion in the variety of instruments that permit speculation in oil, such as futures, options, index funds, and exchange-traded funds. This has been called the financialisation of the oil markets. This column examines whether this has affected the oil price and predicts powerful natural limits on the ability of financialisation shifts to raise spot prices in frictionless markets...