How Does Internet Information Affect Oil Price Fluctuations? Evidence from the Hot Degree of Market

<div>Responses of Brent oil prices to different shocks based on <span class="nowrap"><svg height="12.0444pt" id="M113" style="vertical-align:-3.29106pt" version="1.1" viewbox="-0.0498162 -8.75334 33.0682 12.0444" width="33.0682pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M687 650H462V622C543 612 549 605 530 547C498 447 422 252 372 126H370C302 298 229 492 204 563C188 607 191 615 262 622V650H17V622C77 616 93 608 122 534C180 389 262 172 329 -11H360C436 196 541 450 568 516C606 605 619 614 687 622V650Z"></path></g><g transform="matrix(.013,0,0,-0.013,7.534,0)"><path d="M673 0V28C608 34 594 43 563 129C499 303 432 494 370 665L339 656L132 132C98 43 84 37 20 28V0H238V28C162 35 154 45 175 108C188 150 203 192 219 237H432C454 176 474 122 487 83S491 36 428 28V0H673ZM418 280H234C265 362 296 450 328 535H330L418 280Z"></path></g><g transform="matrix(.013,0,0,-0.013,16.517,0)"><path d="M631 18C609 24 585 35 559 65C534 91 514 117 478 169C448 214 406 281 389 313C462 346 516 399 516 485C516 545 490 590 449 616C412 641 363 650 290 650H42V622C120 615 128 612 128 527V125C128 40 120 34 38 28V0H300V28C221 34 212 40 212 125V284H244C295 284 312 272 329 244C359 195 395 133 430 84C475 19 516 -3 592 -7C603 -8 615 -8 627 -8L631 18ZM212 316V563C212 591 215 602 223 607C231 613 248 617 277 617C352 617 423 577 423 469C423 415 407 375 368 345C343 324 310 316 260 316H212Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,24.688,3.132)"><path d="M870 650H622L613 619C694 615 708 606 708 559C708 531 702 477 686 396L636 136H633L281 650H127L120 619C180 616 198 611 212 592C227 572 232 558 220 503L166 254C148 169 139 131 126 89C112 43 85 35 33 32L24 0H280L286 32C208 37 189 44 189 93C189 124 198 179 212 250L267 526H271L622 -8H655L732 396C747 477 762 532 770 556C785 600 798 616 862 619L870 650Z"></path></g></svg>.</span> The blue solid lines represent the mean impulse response of Brent oil prices and the red dotted lines denote two standard deviations from the mean. The response period is 30 months. (a) Response of Brent oil prices to a supply shock. (b) Response of Brent oil prices to a demand shock. (c) Response of Brent oil prices to a NHD shock.</div>

Discrete Dynamics in Nature and Society

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Figure 5

Figure 5: How Does Internet Information Affect Oil Price Fluctuations? Evidence from the Hot Degree of Market 