Oil prices and the Iraq war: market interpretations of military developments
Looney, Robert E.
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By their nature, crises tend to have a negative impact on markets and economic activity. In a play on the old market adage, "buy on the rumor, sell on the fact," market wags now advise one to "sell on the saber-rattling, buy on the bullets." Another variant suggests a wise movejs to "buy when you hear the sound of the cannon, sell when you hear the sound of the church bells."1 While no doubt good advice in many cases, are these words of wisdom good guidance when it comes to oil markets during periods of war and conflict?