Proceedings of the 7th Scientific Conference on Information Technologies for Intelligent Decision Making Support (ITIDS 2019)

DSS for Oil Price Prediction Using Machine Learning

Authors
Guzel Khuziakhmetova, Vitaly Martynov, Kai Heinrich
Corresponding Author
Guzel Khuziakhmetova
Available Online May 2019.
DOI
10.2991/itids-19.2019.17How to use a DOI?
Keywords
oil prices, time series, prediction, neural network, support vector machine, machine learning, energy resources, deep learning
Abstract

The oil price affects the economic situation of many countries in the world, therefore, there is always an increased interest. A number of efforts have been made by researchers towards developing efficient methods for forecasting oil prices. In this paper, three types of models for forecasting oil prices were created: Linear Regression, Support Vector Machine (SVM) and Convolutional Neural Network (CNN). The root mean square error and standard error were chosen to estimate the constructed models by quantitative characteristics. For visual analysis the graphs depicting the actual and forecast values were plotted. According to the interpretation of the results to the evaluation criteria of the models, when using the price of Brent oil as input data, the SVM has the best predictive ability. This makes it a good tool for forecasting dynamically changing data of large volumes. Also a model of the decision support system (DSS) architecture, a forecasting subsystem and a forecasting module are designed to show how the results of the study can be used in the work of commodity market traders.

Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 7th Scientific Conference on Information Technologies for Intelligent Decision Making Support (ITIDS 2019)
Series
Advances in Intelligent Systems Research
Publication Date
May 2019
ISBN
978-94-6252-728-7
ISSN
1951-6851
DOI
10.2991/itids-19.2019.17How to use a DOI?
Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Guzel Khuziakhmetova
AU  - Vitaly Martynov
AU  - Kai Heinrich
PY  - 2019/05
DA  - 2019/05
TI  - DSS for Oil Price Prediction Using Machine Learning
BT  - Proceedings of the 7th Scientific Conference on Information Technologies for Intelligent Decision Making Support (ITIDS 2019)
PB  - Atlantis Press
SP  - 89
EP  - 94
SN  - 1951-6851
UR  - https://doi.org/10.2991/itids-19.2019.17
DO  - 10.2991/itids-19.2019.17
ID  - Khuziakhmetova2019/05
ER  -