Fluctuations in the oil prices have been considered as an important determinant of financial market performance and changes therein. Historically, oil prices have been seen as a significant influence on stock market indices and performance, with widespread implications for the global economy (Park, 2007). Due to such implications of fluctuations in the crude oil prices, there has been a growing consensus that the interdependency of the world economies and keeping in global economic activities, changes in oil prices are bound to influence the stock markets. A vast literature is available in this research area, and researchers like Driesprong, et al. (2008). Park & Ratti (2008), Chen (2009), Miller & Ratti (2009), Fillis (2010) and others have determined that oil prices are important determinants of changes in stock market indices.
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