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| Author (s) | Period | Variables | Methodology | Outcomes |
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| Ma et al. [29] | January 1, 2019–April 1, 2021 | Oil prices and the GDP | Wavelet power spectrum, wavelet coherence, frequency domain causality test | The price of natural resource commodities has been observed to be more volatile throughout the COVID-19 timeframe |
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| Yu et al. [12] | 2007–2009, 2010–2018, 2019–2020 | GDP and oil prices | Wavelet analysis | In the long-term, a jump in crude prices has effects on economic growth |
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| Ali et al. [25] | March 2020–May 2020 | Closing spot prices of WTI crude oil futures and stock indices of the United States, Canada, China, Russia, and Venezuela | Wavelet-based granger causality | Throughout times of stability, oil is vital for hedging, and during times of crisis, it serves as a safe-haven asset |
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| Mensi et al. [70] | April 23, 2018–April 24, 2020 | S&P500 index, brent oil, and gold futures | Bivariate FIAPARCH model | For all sub-periods, oil offers greater hedging efficiency than gold |
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| Atri et al. [3] | January 23, 2020–June 23, 2020 | WTI oil price, the worldwide confirmed new cases, and deaths | ARDL analysis | During the COVID-19 contagion, economic and financial instability has a detrimental effect on oil and gold values |
|
| Gharib et al. [71] | November 1, 2019–December 31, 2020 | Daily west Texas light crude oil and north sea brent crude, diesel, and gasoline prices | Supremum augmented Dickey-Fuller, generalized supremum augmented Dickey-Fuller, the explosive test strategy | Throughout the COVID-19 outbreak, west Texas Light crude oil and north sea brent crude oil had a negative financial bubble |
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| Adedeji et al. [40] | March 20, 2020–May 28, 2020 | West Texas intermediate, brent, bonny, Daqing | Vector autoregressive (VAR) method | The influence of the COVID-19 pandemic on bonny and Daqing oil prices accounted for the smallest shares of fluctuation, while the effect on BRENT and WTI is even smaller |
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| Bourghelle et al. [48] | January 2, 2014–April 1, 2020 | West Texas index, economic policy uncertainty index, equity market-related EPU index | Vector autoregressive (VAR) framework | The disease outbreak oil shocks had a significant effect on oil price fluctuations |
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| Khan et al. [72] | January 2020–May 2021 | West intermediate Texas, brent oil, natural gas, heating oil | Quantile-on-quantile method | COVID-19 has a generally negative impact on energy prices across all quantiles |
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| Maneejuk et al. [44] | December 29, 2019–December 30, 2020 | Natural gas, gasoline, heating oil, coal, and brent crude oil | Generalized autoregressive conditional heteroskedasticity (GARCH), Markov switching dynamic copula | Energy markets react the same way to both positive and negative occurrences of COVID-19 |
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| Nyga-Łukaszewska and Aruga [39] | January 1, 2020–June 2, 2020, | WTI, Platts Dubai crude oil prices, Henry hub, Platts Japan Korea marker prices | Auto-regressive distributive lag (ARDL) | The COVID-19 pandemic in the United States had a statistically detrimental effect on crude oil prices while having a positive impact on gas prices |
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| Le et al. [24] | January 17, 2020–September 14, 2020 | WTI oil price, brent, trade-weighted US dollar index, MSCI world index, FTSE all-world index, S&P Global 100 index | ARDL bounds testing procedure | The fall in WTI prices is attributed to increases in COVID-19 instances, US economic policy uncertainty index, and the Chicago board options exchange (CBOE) volatility index (VIX) |
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| Ahundjanov et al. [43] | January 22, 2020–July 2, 2020 | Brent, west Texas intermediate, New York harbor, Dow Jones US oil and gas | Structural vector autoregressive (SVAR) model | A unit rise in COVID-19 global search interest leads to a cumulative reduction of 0.083 percent and 0.104 percent in the Dow Jones US oil, and gas total index and New York harbor conventional gasoline, respectively |
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| Li et al. [33] | December 1, 2019–March 25, 2022. | WTI crude oil futures prices | Multivariate wavelet | The COVID-19 pandemic is less of a concern to the people in the US and Canada than the fall in the WTI and worldwide stock markets |
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| Chatziantoniou et al. [56] | January 17, 1997–December 11, 2020 | WTI, brent, heating oil, kerosene, propane, and gasoline | Conditional autoregressive value-at-risk (CAViaR), TVP-VAR | With substantial crisis events, connectivity increases |
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