Computational Modeling of Crude Oil Price Forecasting: A Review of Two Decades of Research

Oil embodies a vital role in the world economy as the backbone and origin of numerous industries. It is an important source of energy representing an indispensable raw material and as a major component in many manufacturing processes and transportation. Oil price suffer from high volatility and fluctuations. In global markets, it is the most active and heavily traded commodity. Recently many studies emerged to discuss the problem of predicting oil prices and seeking to access to the best outcomes. Despite these attempts there were no enough studies that could be used as a reference covering all aspects of the problem. In this research, a comprehensive survey covering the previous methods and some results and experiments are presented with a focus on and maintaining the necessary steps when predicting oil