Review of approaches to oil price modeling

Abstract

A huge size of an oil market and its relation to economic growth and global wealth distribution make the oil an unique commodity. Oil price prediction is associated with plans of development of states as well as firms. Jumps in oil prices influence world economy similarly to natural disasters of planet scale. There is no surprise that a lot of publications are devoted to research of an oil market, modeling and forecasting of oil prices. This paper gives main facts describing an oil market and oil prices behavior. We give a review of modern literature devoted to an oil market and consider main approaches to modeling and forecasting oil prices. (in Russian)oil price, modeling, forecasting