An Error Modified Grey Theory for Forecasting International Oil Price

Abstract:

The international oil price has fluctuated in a relatively large amplitude fluctuation in recent years, so the accurately prediction of the crude oil price is very important for a country and a company. There are a lot of means to forecast the trend of things, but if the problem is uncertain and the information is lacking, grey system theory (GST) is an efficient method. In this work we forecast the international crude oil price by using the grey system theory and creating a MATLBA program to achieve it. In order to improve the prediction accuracy, we modified the prediction results.

• Periodical: Applied Mechanics and Materials (Volumes 380-384)
• Pages: 1525-1528
• DOI: https://doi.org/10.4028/www.scientific.net/AMM.380-384.1525
• Online since: August 2013
• Authors: Xiao Li Yang, Qiong He, Fen Yang
• Keywords: Forecast, Grey System Theory, International Crude Oil Price, MATLAB

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