In a sense, yes. If someone on ebay pays $500000000 for my cat 1 day, and the next day she got 10 cents..
The problem is when the market is manipulated like oil is. It’s NOT a free market. It takes a huge swing to bring it back to reality. The ‘real value’ of oil is very very low, since it’s very common and near worthless on its own.
There’s a huge market setup that can fail however, which it just did.. They price collapsed. Hopefully people can look through and see that the ‘real value’ of oil is very low indeed.
Demand sets the price of items. The higher the demand the more costly an item becomes.