A study on mathematical methods for predicting accuracy of crude oil futures prices by multi grey Markov model
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Abstract
In the world economy, Crude oil is one of the most important fuel material and and its price affects the price of
many other commodities, including gasoline and natural gas. However, the flow effect of crude oil prices also
impacts the price of stocks, bonds, and currencies around the globe. In this situation, industries, governments
and individuals pay special attention in crude oil price Prediction. Even if, several mathematical models have
been established for predicting oil prices, it has more difficulties to forecast due to the high irregularity of oil
prices. In this paper, we propose a new approach for crude oil price prediction based on Multivariate Grey Model
with Markov Model and present the greater precision compared to the traditional Multivariate Grey Model.
Keywords:
Crude oil, economic growth, Multivariate Grey ModelMathematics Subject Classification:
Mathematics- Pages: 621-626
- Date Published: 01-01-2021
- Vol. 9 No. 01 (2021): Malaya Journal of Matematik (MJM)
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