Online media sources: a leading crude oil price indicator?
We highlight key findings from an academic paper which analyses whether WTI crude oil price movements can be forecast based on daily traffic and sentiment analysis of four different online media platforms. We also highlight several Neudata-listed alternative data providers relevant to readers interested in using a similar approach to crude oil price forecasting.
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This paper analyses whether WTI crude oil prices can be forecast based on daily traffic and sentiment analysis of four different online media platforms: Twitter, Google Trends, Wikipedia, and the Global Data on Events, Language, and Tone database (GDELT). The authors analyse the predictive power of 10 independent variables on the WTI crude oil price, based on