An Auxiliary Index for Reducing Brent Crude Investment Risk—Evaluating the Price Relationships between Brent Crude and Commodities

Examining the price relationships of Brent Crude with 78 global commodities, our study shows that spot a certain commodity, New York Harbor No. 2 Heating Oil Spot Price FOB, can serve as an auxiliary forecasting index rise and fall monthly oil price. With innovative view for evaluating relationship prediction based on simple, practical measurement, findings provide helpful tool investors analysts by offering high success rate (82.98%) predicting three weeks in advance.