CRUDE OIL FORECAST USING MINITAB

Abstract

This report examines Brent Crude Oil prices and its short-term forecast. The most widely used Crude Oil Benchmarks are the WTI (West Texas Intermediate) and Brent Crude. WTI is the benchmark for crude oil that is produced in the United States while Brent Crude originates from oilfields in the North Sea near the coast of Norway and in the Middle East. The crude oil prices were consistently high and above a 100 dollars per barrel starting from February 2011 until September 2014, after which Crude Oil has seen a steady decline to the lowest point of about 28.82 dollars per barrel in February 2016. After the low point in the prices, Crude Oil has made a recovery over the past year and a half and has been hovering around the 50 dollars per barrel mark.