According to purchasing-power parity, if the dollar price of oil is higher in new york than in london, arbitrageurs will oil in new york and oil in london to drive the price of oil in new york.

SELL, BUY, DOWN.

Explanation:

The answer to the fill in the blanks will be SELL, BUY, DOWN.

If the dollar price of oil is higher in any country then what arbitrageurs will do is he will sell oil in country which has a high dollar value.

And will  buys oil from the country where the dollar value is less and this process will drive down the price of oil.

answer; /// all of the above;