I am sorry if this question has already been asked. I am very new to the field of economics, and I am currently trying to understand the idea of futures market and price speculations in relation to a sharp price increase of oil starting 2004. What exactly does futures market mean and what role does speculations play in determining oil prices? I know this is kind of debatable, but why do some economists opine that speculations drove oil price in 2004?
If this question has already been asked, could some comment the links?