By Liaw Wy-Cin

THE way the price of oil or any commodity fluctuates is an illustration of the kiasu spirit at work in the marketplace.

Indeed, this 'fear of losing out' is what makes some people willing to pay more to be extra sure of getting something, even if there is enough supply.

When others see these people doing this, they do the same. And when demand outstrips supply, the price of a commodity such as oil is pushed up.

For more The Straits Times stories, click here.