Quantification of market external factors for crude oil pricing

S. Pyo, Jang-Ung Park, S. Kim, K. Lee, M. Jung

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Crude oil is known as one of the most important raw materials and energy sources for various industries. Due to this heightened value of crude oil, predicting oil price has been an important issue worldwide and it still is an on-going research issue. Oil price is influenced not only by market internal factors but also by external factors such as political conflicts and natural disasters. Since the external factors are qualitative that are difficult to quantify, most of current oil pricing models focus on the internal factors. This paper classifies the external factors into five different perspectives and divides these aspects into fourteen different factors. The rationale behind this approach is discussed. Then, quantification to grant certain weights on one of the external market factors is demonstrated by using the fuzzy concept and AHP (Analytic Hierarchy Process) method.

Original languageEnglish
Title of host publication43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013
PublisherCurran Associates Inc.
Pages1029-1036
Number of pages8
ISBN (Print)9781629934372
Publication statusPublished - 2013 Jan 1
Event43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013 - Hong Kong, Hong Kong
Duration: 2013 Oct 162013 Oct 18

Publication series

NameProceedings of International Conference on Computers and Industrial Engineering, CIE
Volume2
ISSN (Electronic)2164-8689

Other

Other43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013
CountryHong Kong
CityHong Kong
Period13/10/1613/10/18

Fingerprint

Crude oil
Costs
Analytic hierarchy process
Disasters
Raw materials
Oils
Industry

All Science Journal Classification (ASJC) codes

  • Computer Science(all)
  • Control and Systems Engineering
  • Electrical and Electronic Engineering
  • Industrial and Manufacturing Engineering
  • Safety, Risk, Reliability and Quality

Cite this

Pyo, S., Park, J-U., Kim, S., Lee, K., & Jung, M. (2013). Quantification of market external factors for crude oil pricing. In 43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013 (pp. 1029-1036). (Proceedings of International Conference on Computers and Industrial Engineering, CIE; Vol. 2). Curran Associates Inc..
Pyo, S. ; Park, Jang-Ung ; Kim, S. ; Lee, K. ; Jung, M. / Quantification of market external factors for crude oil pricing. 43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013. Curran Associates Inc., 2013. pp. 1029-1036 (Proceedings of International Conference on Computers and Industrial Engineering, CIE).
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Pyo, S, Park, J-U, Kim, S, Lee, K & Jung, M 2013, Quantification of market external factors for crude oil pricing. in 43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013. Proceedings of International Conference on Computers and Industrial Engineering, CIE, vol. 2, Curran Associates Inc., pp. 1029-1036, 43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013, Hong Kong, Hong Kong, 13/10/16.

Quantification of market external factors for crude oil pricing. / Pyo, S.; Park, Jang-Ung; Kim, S.; Lee, K.; Jung, M.

43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013. Curran Associates Inc., 2013. p. 1029-1036 (Proceedings of International Conference on Computers and Industrial Engineering, CIE; Vol. 2).

Research output: Chapter in Book/Report/Conference proceedingConference contribution

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Pyo S, Park J-U, Kim S, Lee K, Jung M. Quantification of market external factors for crude oil pricing. In 43rd International Conference on Computers and Industrial Engineering 2013, CIE 2013. Curran Associates Inc. 2013. p. 1029-1036. (Proceedings of International Conference on Computers and Industrial Engineering, CIE).