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Review of Approaches to Oil Price Modeling

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Abstract

A huge size of an oil market and its relation to economic growth and global wealth distribution make the oil an unique commodity. Oil price prediction is associated with plans of development of states as well as firms. Jumps in oil prices influence world economy similarly to natural disasters of planet scale. There is no surprise that a lot of publications are devoted to research of an oil market, modeling and forecasting of oil prices. This paper gives main facts describing an oil market and oil prices behavior. We give a review of modern literature devoted to an oil market and consider main approaches to modeling and forecasting oil prices. (In Russian).

Suggested Citation

  • Yulia Raskina, 2010. "Review of Approaches to Oil Price Modeling," EUSP Department of Economics Working Paper Series 2010/05, European University at St. Petersburg, Department of Economics, revised 16 Dec 2010.
    • Handle: RePEc:eus:wpaper:ec2010_05
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    More about this item

    Keywords

    oil price; modeling; forecasting;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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