The price of oil in international markets has dropped stunningly by 60% in the past twelve months. Among the factors mentioned behind this drastic fall is the millions of barrels of oil produced in US called shale oil.

Analyze and discuss the situation, Then, picture the supply and demand for this commodity and try to analyze its price action. Discuss the impact of price elasticity of supply and demand in short and long terms.

Answer rating: 100% (QA)

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