The price of oil is a particularly bad example, since it is heavily controlled everywhere in the world, as is supply. The international price of oil is largely set by OPEC or the USA or a few other countries (depending on geographical region).

Also, this type of pundit influence is common with the price of stocks. It also happened with the price of natural gas in Europe last year, when it increased based on lack of confidence in reserves that turned out to be misplaced, and never really recovered.