![]() Besides, the volume of media information continues to increase, including a wealth of qualitative information that can be chosen to improve the accuracy of oil markets forecasting. Inspired by this research, the current study uses the CNN model to process online oil news. Meanwhile, CNN has been widely used in other popular fields, including sentence modeling, image classification, and speech recognition. They deemed the CNN model as the most potential technique of text mining. According to the major validated scientific studies, Hemmatian and Sohrabi summarized the recent methods for opinion classification and aspect extraction. In this study, the text mining method of text extraction is implemented to convert unstructured text into a structured format. Jeong, Yoon, and Lee proposed a product opportunity mining approach for product planning. ![]() ![]() used text mining techniques to mine product innovation ideas from online reviews. Especially, text mining is useful for identifying ideas and extracting information. ![]() Fortunately, qualitative evidence, such as emergencies and politics, has been transformed into the quantitative analysis (e.g., time-series data) through text mining, social network, and sentiment analysis techniques. The challenging question is how to select and quantify these events. Looking at related oil events can help forecast the oil markets. The combination of Internet data and prediction models might facilitate improved forecasting performance. In recent years, researchers have extensively incorporated Internet data into forecasting studies as explanatory variables. With the global economic downturn, the unpredictable COVID-19 pandemic has led to a sharp drop in oil demand. Owing to the impact of the COVID-19 pandemic, oil markets in many countries have shown a volatile trend. Some of the measures are partial or complete blockades, including banning public gatherings, closing non-essential businesses, and even educational institutions (International Energy Agency ). Governments worldwide have imposed restrictions to slow down the spread of the virus, consequently forcing the closure of most social and economic activities. As of early 2021, more than 91 million cases have been reported worldwide with more than 1.9 million deaths. Since the end of February 2020, the new virus has spread across many countries. Currently, no effective treatment is found for this respiratory disease, namely, the coronavirus disease 2019 (COVID-19). The World Health Organization (WHO) declares the ongoing coronavirus pandemic as a global threat. However, the uncertainty surrounding the ongoing COVID-19 pandemic brings great challenges to forecasting the oil markets. It has profound significance to explore the theory and application of petroleum supply chain management in profit maximization and risk minimization. Oil plays a leading role in energy resources, and oil supply chain plays an important role in the global economy. Marketers must consider the impact of social media information on the oil or similar markets, especially during the COVID-19 outbreak. The mean absolute percentage errors are respectively 0.0717, 0.0144 and 0.0168 for the oil price, production, and consumption prediction during the COVID-19 pandemic. Experimental results indicate that social media information contributes to the forecasting of oil price, oil production and oil consumption. ![]() A total of 16,794 9,139 8,314 and 8,548 news headlines were collected in four respective cases. Oil markets are divided into four categories: oil price, oil production, oil consumption, and oil inventory. Accordingly, this study collected vast online oil news and used convolutional neural network to extract relevant information automatically. Fortunately, the social media information can finely reflect oil market factors and exogenous factors, such as conflicts and political instability. The latter leads to the volatility of the oil markets and poses a huge challenge to oil market forecasting. However, the coronavirus disease 2019 (COVID-19) has compelled governments worldwide to impose restrictions, consequently forcing the closure of most social and economic activities. Accurate oil market forecasting plays an important role in the theory and application of oil supply chain management for profit maximization and risk minimization. ![]()
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