Crude Oil Price Forecasting Model Based on Neural Networks and Error Correction

Crude oil price forecasting contributes to global economic development. This study proposes a hybrid deep learning model for crude oil price forecasting. First, empirical wavelet transform decomposes raw data into multiple. Then, three neural networks generate preliminary forecasts, which are subsequently refined by a reinforcement learning-based ensemble method. Finally, an error correction module handles residuals, further enhancing the forecasting outcomes. Three West Texas Intermediate datasets and additional emergency scenarios were used to validate the hybrid model. The findings indicate that the proposed model achieves superior predictive performance compared with sixteen benchmark methods and three advanced models.