A Crude Oil Spot Price Forecasting Method Incorporating Quadratic Decomposition and Residual Forecasting

Table 1

Taxonomy of crude oil price forecasts identified through the study literature review.

Model type	Literature
Historical data + hybrid model	[12, 15]
Historical data + external factors + hybrid model	[19]
Primary decomposition + historical data + single model	[13, 20–23]
Primary decomposition + historical data + hybrid model	[10, 16]
Secondary decomposition + historical data + single model	[29]
Secondary decomposition + historical data + external factors + single model	Proposed model