Impact of COVID-19 pandemic on crude oil prices: Evidence from Econophysics approach

Cheima Gharib, Salma Mefteh-Wali, Vanessa Serret () and Sami Ben Jabeur ()
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Cheima Gharib: LIEC - Laboratoire Interdisciplinaire des Environnements Continentaux - INEE-CNRS - Institut Ecologie et Environnement - CNRS Ecologie et Environnement - CNRS - Centre National de la Recherche Scientifique - INSU - CNRS - Institut national des sciences de l'Univers - OTELo - Observatoire Terre et Environnement de Lorraine - INSU - CNRS - Institut national des sciences de l'Univers - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique
Salma Mefteh-Wali: ESSCA - ESSCA – École supérieure des sciences commerciales d'Angers = ESSCA Business School
Vanessa Serret: CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine
Sami Ben Jabeur: ESDES - ESDES, Lyon Business School - UCLy - UCLy - UCLy (Lyon Catholic University), UR CONFLUENCE : Sciences et Humanités (EA 1598) - UCLy - UCLy (Lyon Catholic University)

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Abstract: This paper provides an analysis of crude oil, diesel, and gasoline prices for the period from November 1, 2019 to December 31, 2020. We apply Log Periodic Power-Law Singularity (LPPLS) and Discrete Scale LPPLS bubble indicators to explore the dynamic bubbles of oil prices and predict their crash times. The results indicate that West Texas Light crude oil and North Sea Brent crude oil experienced a statistically significant negative financial bubble during the COVID-19 outbreak. In addition, gasoline and diesel prices are mainly driven by fundamentals. Our findings are expected to be useful to oil market investors, policymakers, and energy experts.

Date: 2021-12
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Citations: View citations in EconPapers (22)

Published in Resources Policy, 2021, 74, pp.102392. ⟨10.1016/j.resourpol.2021.102392⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03375164

DOI: 10.1016/j.resourpol.2021.102392

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