International records / OpenAlex research

Dynamic Interrelationship Between Crude Oil Price Benchmark: A VECM Approach

This study examines the dynamic relationships between major global crude oil price benchmarks – Brent Blend (RCOBRET), West Texas Intermediate (RCOWTI), and Dubai/Oman (RCOD) – in the context of Nigeria's crude oil stock market using a Vector Error Correction Model (VECM). The results show that Brent plays a dominant role in both short-term and long-term price adjustments. The Estimated Error Correction Terms (ECTs) show that deviations from long-term equilibrium are significantly corrected by Brent and, to a lesser extent, by Dubai/Oman. In contrast, the yield on West Texas Intermediate crude…