# Influencing Factors Analysis of Crude Oil Futures Price Volatility Based on Mixed-Frequency Data
## 6 Conclusions
Regarding the high-frequency data, whether it is on-market high-frequency factors or off-market high-frequency factors, the volatility of all high-frequency factors will increase the volatility of Brent crude oil futures. In addition to open interest and the US dollar index, the other three factors, namely crude oil spot price, substitute price, and trading volume, are all significantly positively correlated with the volatility of Brent crude oil futures, indicating that the volatility of Brent crude oil futures are susceptible to both on-market and off-market factors. (4) Regarding the combined effect of single factor level and volatility, considering the low-frequency data, the most important factor influencing international crude oil futures return volatility is the supply and demand of crude oil, while other factors such as the change in alternative energy andspeculative factors, will ultimately be reflected in the supply or demand level of the crude oil market. Therefore, supply and demand are the most important factors in the fluctuation of international crude oil prices. This shows that the financial crisis has not changed the long-term core position of supply and demand. Supply and demand are the basic cause of crude oil fluctuations. However, supply and demand are quietly undergoing structural changes: Firstly, the financial crisis has accelerated the trend of crude oil pricing power from being concentrated to decentralized. Before the financial crisis, the international pricing power of crude oil was basically concentrated in the hands of developed countries such as Europe and the United States. After the outbreak of the economic crisis in 2008, the economic strength and financial control of the developed countries was weakened. On the issue of international oil pricing, OPEC, Europe, America, Japan, China, and Russia all have a certain degree of discourse in international market pricing. The United States and the Organization of Petroleum Exporting Countries have both similarities and conflicts of interest. Secondly, the shale oil and gas revolution in the United States, Russia's huge oil reserves, and China's huge oil imports are all affecting international crude oil prices. It can be seen from this that, after the financial crisis, the tendency of international market pricing power to shift from concentration to decentralization is relatively obvious, and it is concluded that crude oil production and consumption have a major influence on the price fluctuation of Brent crude oil futures. Regarding high-frequency data, high-frequency on-market and off-market factors are important factors in the volatility of international crude oil futures returns, especially the trading volume of the on-market high-frequency factors, and the natural gas price and crude oil spot price of the off-market high-frequency factors. There are two main theories on the relationship between price fluctuations and trading volume in financial market: one is the assumption of continuous information arrival; the other is the hypothesis of mixed distribution. The assumption of continuous information arrival holds that market information is spread out step by step, and traders get information step by step. Only when all traders get relevant information, the market can reach the final equilibrium. There is a positive correlation between price fluctuations and trading volume, and volume information is helpful for forecasting price fluctuations. The mixed distribution hypothesis holds that trading volume and price fluctuations both depend on the same variable which can be described by the speed of market information transmission. When market information changes, price and trading volume respond to the information at the same time, that is, the mixed distribution hypothesis holds all traders receive new information and respond at the same time. The new balance point does not need to pass through the intermediate balance point and is completed in an instant, and the price changes and the adjustment of trading volume are carried out simultaneously.