{"title":"Navigating the Dynamics of Brent Crude Oil Prices: Factors, Trends, and Insights","authors":"","doi":"10.46544/ams.v29i1.08","DOIUrl":null,"url":null,"abstract":"Accurate Brent Crude Oil price prediction is essential for informed decision-making and risk control in the global energy market. This paper examines the dynamics of Brent Crude Oil prices over the previous 35 years, utilizing predictive modelling techniques to project future prices and analyzing historical trends and relationships with the GDPs of major economies. The statistical methods used in this paper include the moving average and Pearson correlation coefficient. While correlation studies show significant positive links between Brent Crude Oil prices and the GDPs of major economies like China, Saudi Arabia, Europe, Russia, and the United States, historical data analysis reveals large price volatility. Highly accurate price forecasting using LSTM (Long Short-Term Memory) modelling approaches provides detailed risk management and decision-making information in the global energy market. The application of the Neural Network and the ARIMA model shows an increase in the price of Brent crude oil in the next year, 2024. Identifying the importance of the Brent crude oil price forecast and its effect on the international market is highly needed. This paper thus might help to increase economic growth. These results highlight the importance of advanced modelling techniques and economic indicators in managing oil price changes and help make informed decisions in the energy industry.","PeriodicalId":2,"journal":{"name":"ACS Applied Bio Materials","volume":"20 1","pages":""},"PeriodicalIF":4.6000,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ACS Applied Bio Materials","FirstCategoryId":"89","ListUrlMain":"https://doi.org/10.46544/ams.v29i1.08","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"MATERIALS SCIENCE, BIOMATERIALS","Score":null,"Total":0}
引用次数: 0
Abstract
Accurate Brent Crude Oil price prediction is essential for informed decision-making and risk control in the global energy market. This paper examines the dynamics of Brent Crude Oil prices over the previous 35 years, utilizing predictive modelling techniques to project future prices and analyzing historical trends and relationships with the GDPs of major economies. The statistical methods used in this paper include the moving average and Pearson correlation coefficient. While correlation studies show significant positive links between Brent Crude Oil prices and the GDPs of major economies like China, Saudi Arabia, Europe, Russia, and the United States, historical data analysis reveals large price volatility. Highly accurate price forecasting using LSTM (Long Short-Term Memory) modelling approaches provides detailed risk management and decision-making information in the global energy market. The application of the Neural Network and the ARIMA model shows an increase in the price of Brent crude oil in the next year, 2024. Identifying the importance of the Brent crude oil price forecast and its effect on the international market is highly needed. This paper thus might help to increase economic growth. These results highlight the importance of advanced modelling techniques and economic indicators in managing oil price changes and help make informed decisions in the energy industry.
期刊介绍:
ACS Applied Bio Materials is an interdisciplinary journal publishing original research covering all aspects of biomaterials and biointerfaces including and beyond the traditional biosensing, biomedical and therapeutic applications.
The journal is devoted to reports of new and original experimental and theoretical research of an applied nature that integrates knowledge in the areas of materials, engineering, physics, bioscience, and chemistry into important bio applications. The journal is specifically interested in work that addresses the relationship between structure and function and assesses the stability and degradation of materials under relevant environmental and biological conditions.