Reviews on the Futures Price Discovery Function of International Crude Oil

Price discovery is one of important functions of futures markets.The research achievements of discovery function about the international crude oil price have been reviewed and analyzed from four aspects: the forming mechanism of international crude oil price,the effectiveness of international crude oil futures markets,the micro-structure of international crude oil futures markets,and the price discovery of crude oil futures from international geographic perspective.Finally,some shortages in this research field have been presented.