A review on artificial intelligence methodologies for the forecasting of crude oil price

When crude oil prices began to escalate in the 1970s, conventional methods were the predominant methods used in forecasting oil pricing. These methods can no longer be used to tackle the nonlinear, chaotic, non-stationary, volatile, and complex nature of crude oil prices, because of the methods’...

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Main Authors:	Haruna, Chiroma, Abdul-Kareem, Sameem, Mohd Nor, Ahmad Shukri, Abubakar, Adamu, Safa, Nader Sohrabi, Shuib, Liyana, Hamza, Mukhtar Fatihu, Ya'u Gital, Abdulsalam, Herawan, Tutut
Format:	Article
Language:	English English
Published:	Taylor & Francis 2016
Subjects:	Q350 Information theory
Online Access:	http://irep.iium.edu.my/49287/ http://irep.iium.edu.my/49287/ http://irep.iium.edu.my/49287/ http://irep.iium.edu.my/49287/1/AUTOSOFT-10798587%252E2015%252E1092338.pdf http://irep.iium.edu.my/49287/4/49287_A%20review%20on%20artificial%20intelligence%20methodologies.pdf

id	iium-49287
recordtype	eprints
spelling	iium-492872016-12-19T07:56:07Z http://irep.iium.edu.my/49287/ A review on artificial intelligence methodologies for the forecasting of crude oil price Haruna, Chiroma Abdul-Kareem, Sameem Mohd Nor, Ahmad Shukri Abubakar, Adamu Safa, Nader Sohrabi Shuib, Liyana Hamza, Mukhtar Fatihu Ya'u Gital, Abdulsalam Herawan, Tutut Q350 Information theory When crude oil prices began to escalate in the 1970s, conventional methods were the predominant methods used in forecasting oil pricing. These methods can no longer be used to tackle the nonlinear, chaotic, non-stationary, volatile, and complex nature of crude oil prices, because of the methods’ linearity. To address the methodological limitations, computational intelligence techniques and more recently, hybrid intelligent systems have been deployed. In this paper, we present an extensive review of the existing research that has been conducted on applications of computational intelligence algorithms to crude oil price forecasting. Analysis and synthesis of published research in this domain, limitations and strengths of existing studies are provided. This paper finds that conventional methods are still relevant in the domain of crude oil price forecasting and the integration of wavelet analysis and computational intelligence techniques is attracting unprecedented interest from scholars in the domain of crude oil price forecasting. We intend for researchers to use this review as a starting point for further advancement, as well as an exploration of other techniques that have received little or no attention from researchers. Energy demand and supply projection can effectively be tackled with accurate forecasting of crude oil price, which can create stability in the oil market Taylor & Francis 2016-01-11 Article PeerReviewed application/pdf en http://irep.iium.edu.my/49287/1/AUTOSOFT-10798587%252E2015%252E1092338.pdf application/pdf en http://irep.iium.edu.my/49287/4/49287_A%20review%20on%20artificial%20intelligence%20methodologies.pdf Haruna, Chiroma and Abdul-Kareem, Sameem and Mohd Nor, Ahmad Shukri and Abubakar, Adamu and Safa, Nader Sohrabi and Shuib, Liyana and Hamza, Mukhtar Fatihu and Ya'u Gital, Abdulsalam and Herawan, Tutut (2016) A review on artificial intelligence methodologies for the forecasting of crude oil price. Intelligent Automation & Soft Computing, 22 (3). pp. 449-462. ISSN 1079-8587 E-ISSN 2326-0050 http://www.tandfonline.com/doi/abs/10.1080/10798587.2015.1092338?journalCode=tasj20 10.1080/10798587.2015.1092338
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	Q350 Information theory
spellingShingle	Q350 Information theory Haruna, Chiroma Abdul-Kareem, Sameem Mohd Nor, Ahmad Shukri Abubakar, Adamu Safa, Nader Sohrabi Shuib, Liyana Hamza, Mukhtar Fatihu Ya'u Gital, Abdulsalam Herawan, Tutut A review on artificial intelligence methodologies for the forecasting of crude oil price
description	When crude oil prices began to escalate in the 1970s, conventional methods were the predominant methods used in forecasting oil pricing. These methods can no longer be used to tackle the nonlinear, chaotic, non-stationary, volatile, and complex nature of crude oil prices, because of the methods’ linearity. To address the methodological limitations, computational intelligence techniques and more recently, hybrid intelligent systems have been deployed. In this paper, we present an extensive review of the existing research that has been conducted on applications of computational intelligence algorithms to crude oil price forecasting. Analysis and synthesis of published research in this domain, limitations and strengths of existing studies are provided. This paper finds that conventional methods are still relevant in the domain of crude oil price forecasting and the integration of wavelet analysis and computational intelligence techniques is attracting unprecedented interest from scholars in the domain of crude oil price forecasting. We intend for researchers to use this review as a starting point for further advancement, as well as an exploration of other techniques that have received little or no attention from researchers. Energy demand and supply projection can effectively be tackled with accurate forecasting of crude oil price, which can create stability in the oil market
format	Article
author	Haruna, Chiroma Abdul-Kareem, Sameem Mohd Nor, Ahmad Shukri Abubakar, Adamu Safa, Nader Sohrabi Shuib, Liyana Hamza, Mukhtar Fatihu Ya'u Gital, Abdulsalam Herawan, Tutut
author_facet	Haruna, Chiroma Abdul-Kareem, Sameem Mohd Nor, Ahmad Shukri Abubakar, Adamu Safa, Nader Sohrabi Shuib, Liyana Hamza, Mukhtar Fatihu Ya'u Gital, Abdulsalam Herawan, Tutut
author_sort	Haruna, Chiroma
title	A review on artificial intelligence methodologies for the forecasting of crude oil price
title_short	A review on artificial intelligence methodologies for the forecasting of crude oil price
title_full	A review on artificial intelligence methodologies for the forecasting of crude oil price
title_fullStr	A review on artificial intelligence methodologies for the forecasting of crude oil price
title_full_unstemmed	A review on artificial intelligence methodologies for the forecasting of crude oil price
title_sort	review on artificial intelligence methodologies for the forecasting of crude oil price
publisher	Taylor & Francis
publishDate	2016
url	http://irep.iium.edu.my/49287/ http://irep.iium.edu.my/49287/ http://irep.iium.edu.my/49287/ http://irep.iium.edu.my/49287/1/AUTOSOFT-10798587%252E2015%252E1092338.pdf http://irep.iium.edu.my/49287/4/49287_A%20review%20on%20artificial%20intelligence%20methodologies.pdf
first_indexed	2023-09-18T21:09:42Z
last_indexed	2023-09-18T21:09:42Z
_version_	1777411170245804032

A review on artificial intelligence methodologies for the forecasting of crude oil price

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