Statistical Analysis of Crude Oil Price per Barrel in Nigeria

Abstract

This research work was designed to investigate monthly price of crude oil in US dollar per barrel over ten years beginning from 2006-2016. This was achieved by finding the trend i.e. the general direction which the data follows and also forecasting future values. Time series analysis was carried out on the data extracted from the annual Bulletin of Nigerian Petroleum Corporation (NNPC). The behavior of the price of crude oil  was examined using suitable time series model over the study period. Also, various   methods was used  to compute and analyze the given data. These methods are; Least squares method, estimation of seasonal variation and estimation of the deseasonalized.