The purpose of this paper is to identify the connection between oil prices and the performance of oil and gas, industry and services sectors. The paper is supported by the granger causality and Engle and Granger cointegration tests. The research findings do not support a long-run association between Brent oil prices excluding the case of the Oil and Gas sector index; however, short-run dynamics were recognized. There is no unidirectional causality found in any case. The outcomes of the GARCH model show stable results for all three sectors.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.