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Oil is the lifeblood of the industrial economy, oil prices are affected by many factors. China is a major industrial
country, changes in the price of oil will affect many aspects of economic development, and therefore the price of
crude oil research is extremely important. In this paper, monthly average prices of crude oil in Daqing from January 2000
to December 2010 are utilized to do the research. Based on ARIMA model by building software using EVIEWS, rule of
oil price movements is found and a prediction of oil price is made using the data from the first 10 months of 2011.