International oil market until the early 2000s has been driven by two traditional factors: demand? supply fundamentals and geopolitical risk. In addition to these two traditional factors, money factors emerged as another driver for the oil market. During the oil price rise from 2004 to August 2007, fundamental and geopolitical risk factors played a major role while the inflow of speculative and investment money was increasing. From August 2007 to July 2008 when the oil price hit its highest at $147/bbl, money factor, instead of the traditional factors, became a major driving force behind the oil price increase. After the price peak in July 2008, all of three factors (fundamentals, geopolitical risk, and money) were not able to provide any reason for further price rise, and the oil price began to fall to adjust the overshooting until the price peak. The bankruptcy of Lehman Brothers in September 2008 then drastically changed the scene of oil market. It affected money factor in oil market through credit crunch. It also affected demand fundamentals through the overall economic downturn. Because of the sudden demand shrink, OPEC spare production capacity soared almost 5 million barrel per day in December 2008. This level is large enough to make market participants to feel less serious about supply crunch by geopolitical events. Indeed, geopolitical factor like the other two factors, no longer worked as a factor of oil price increase. Given the market fundamentals as well as the situation of international financial market, it is not likely that oil price sharply rises again in the short term. The average price of the second half of 2009 is forecasted at $60/bbl.