Title of article
Intelligent decision support systems for oil price forecasting
Author/Authors
chiroma, Haruna university of malaya - faculty of computer science and information technology, Malaysia , Asemi zavareh, Adeleh university of malaya - faculty of computer science and information technology, Malaysia , baba, Mohd Sapiyan Gulf University of Science and Technology - faculty of computer science, Kuwait , abubakar, Adamu I. international islamic university - faculty of information and communication technology, Malaysia , gital, Abdulsalam Ya’u abubakar tafawa balewa university - school of science, Nigeria , zambuk, Fatima Umar abubakar tafawa balewa university - school of science, Nigeria
From page
47
To page
59
Abstract
This research studies the application of hybrid algorithms for predicting the prices of crude oil. Brent crude oil price data and hybrid intelligent algorithm (time delay neural network,probabilistic neural network,and fuzzy logic) were used to build intelligent decision support systems for predicting crude oil prices. The proposed model was able to predict future crude oil prices from August 2013 to July 2014. Future prices can guide decision makers in economic planning and taking effective measures to tackle the negative impact of crude oil price volatility. Energy demand and supply projection can effectively be tackled with accurate forecasts of crude oil prices,which in turn can create stability in the oil market. The future crude oil prices predict by the intelligent decision support systems can be used by both government and international organizations related to crude oil such as organization of petroleum exporting countries (OPEC) for policy formulation in the next one year.
Keywords
Crude oil prices , Decision support system , Fuzzy logic , Probabilistic neural network , Time delay neural network
Journal title
International Journal of Information Science and Management (IJISM)
Journal title
International Journal of Information Science and Management (IJISM)
Record number
2565274
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