Commodity News Corpus

This is the repository for the dataset introduced in "CrudeOilNews: An Annotated Crude Oil News Corpus for Event Extraction"

1. Annotation

Annotations are done using Brat Rapid Annotation Tool.

2. News Source

Commodity news articles were taken from from notable news agencies below:

• https://www.investing.com/commodities/crude-oil-news
• https://www.reuters.com/news/economy
• https://www.cnbc.com
• https://www.hellenicshippingnews.com/
• https://oilprice.com/Latest-Energy-News/
• https://www.marketwatch.com
• https://www.marketpulse.com
• https://www.fxempire.com/news/

Note Due to copyright issues, only the links to the original news articles are provided (without the actual news text). A corresponding URL link to the original news is given along with their corresponding annotation file. Augmented data, on the other hand, are made fully available (see raw-files/Augmented data/)

3. Data Processing

Codes for Data processing to convert annotation data (in .ann files) from standoff format to CONLL format are provided.

4. Event Types

There are 19 Event Types

1. Geo-political News

   • Civil Unrest (Civil-unrest) - Violence or turmoil within the oil producing country
     • (S1) ....a fragile recovery in Libyan supply outweighed fighting in Iraq .....
     • (S2) ....a backdrop of the worst strife in Iran this decade...
   • Embargo (Embargo, Prohibiting) - Trade or other commercial activity of the com-modity is banned.
     • (S3) .... and sanctions against Iran.
     • (S4) ...prepared to impose “ strong and swift ” economic sanctionson Venezuela.....
   • Geo-political Tension (Geo-political-tension) - Political tension between oil-producingnation with other nations.
     • (S5) .... heightened tensions between the West and Russia.....
     • (S6) ... despite geopolitical war in Iraq , Libya and Ukraine.
   • Trade Tension (Trade-tensions) - Trade-related tension between oil-producing andoil-consuming nations
     • (S7) .....escalating global trade wars, especially between the US and China.
     • (S8) ....showing that OPEC is not ready to end its trade tensions......
   • Other forms of Crisis (Crisis)
     • (a) A time of intense difficulty, such as other forms of unspecified crisis that do not fallinto any of the above category
       • (S9) .... Ukraine declared an end to an oil crisis that has .........
     • (b) Financial / Economic Crisis (which can be grouped under Macro-economic News)
       • (S10) ....since the 2014/15 financial crisis as .......

2. Macro-Economic News

   • Strong Economy / GDP growth / US Employment (Grow-strong) - Strong or growing economy / GDP of a nation; applicable to indicate strong status of US EmploymentData
     • (S11) as strong U.S. employment data....
   • Weak or Contracting Economy / GDP / US Employment (Slow-weak) - Weakening or contracting economy / GDP of a nation; applicable to indicate the weakening of USemployment data.
     • (S12) ..... concerns over slowing global growth....
     • (S13) U.S. employment data contracts with the euro zone.....
   • Bearish technical view or outlook (Negative-sentiment) - Bearish sentiment or outlook
     • (S14) But in a market clouded by uncertainties....
     • (S15) ....supply concerns would ease even more ......

3. Commodity Supply (includes exports)

   • Oversupply (Oversupply) - Situation where production goes into surplus
     • (S16) ..... the region surplus of supply.....
     • (S17) ...the market is still working off the gluts built up....
   • Shortage (Shortage) - Situation where demand is more than supply.
     • (S18) ... increase a supply shortage from chaotic Libya....
     • (S19) ....and there is no shortfall in supply , the minister added
   • Supply increase (Movement-up-gain) - Situation where supply increased
     • (S20) ...further increases in U.S. crude production.....
     • (S21) The rise in production is definitely benefiting the United States...
   • Action taken to increase supply (Cause-Movement-Up-gain) - Deliberate action toincrease supply.
     • (S22) The IEA boosted its estimate of production from ExxonMobil to 1.8 millionbpd in July 4 holiday weekend.
     • (S23) ...urged the kingdom to ramp up production....
   • Supply decrease (Movement-down-loss) - Situation where supply decreased
     • (S24) UAE ’s production has almost halved in two years to 31.6 million bpd...
     • (S25) ...fears that global supplies will drop due to Washington ’s sanctions on theOPEC member nation.
   • Action taken to decrease supply (ause-movement-down-loss) - Deliberate action todecrease supply.
     • (S26) .....by slashing production by almost three quarters in the 1980s...
     • (S27) ....an announcement by Iran that it would cut its production last week.

4. Commodity Demand (includes imports)

   • Demand increase (Movement-up-gain) - Situation where demand increased
     • (S28) It expects consumption to trend upward by 1.05 million bpd , below 40,000bpd from July.
     • (S29) ...as more seasonal demand kicks in due to colder weather.
   • Action taken to increase demand (Caused-movement-up-gain) - Deliberate actiontaken to increase demand.
     • (S30) IEA tried to boost global oil demand by introducing......
   • Demand decrease (Movement-down-loss) - Situation where demand decreased
     • (S31) ...onto a market reeling from falling demand because of the virus outbreak.
     • (S32) ...when global demand growth for air conditioning collapses from its summerpeak....
   • Action taken to decrease demand (Caused-movement-down-loss) - Deliberate actiontaken to decrease demand
     • (S33) The pandemic has zapped demand to a level never seen before..

5. Commodity Price Movement Commodity price here includes spot price,futures and futures contract

   • Price increase (Movement-up-gain) Situation where commodity price rises
     • (S34) Oil price rose $105 a barrel on March....
     • (S35) ..oil prices have jumped as much as 20 percent since June.
   • Price decrease (Movement-down-loss) - Situation where commodity price drops
     • (S36) The drop in oil prices to their lowest in two years.....
     • (S37) Oil prices declined back the final quarter of 1991 to 87 cents...
   • Price movement flat (Movement-flat) - Situation where no or little change to commod-ity price
     • (S38) Contango spread in Brent is steady at 15 cents per barrel....
     • (S39) U.S. crude is expected toholdaround $105 per barrel.
   • Price position (Position-high, Position-low) - Describes the position of the currentcommodity price
     • (S40) Oil price remained close to four-year highs...
     • (S41) Oil slipped more than 20% to its lowest level in two years on 1980s....

6. Change in Forecasted value

   • Increase forecast target (Caused-movement-up-gain) - Forecasted / target is raised,possible values are price target, growth target, demand and supply target
     • (S42) The IMF earlier said it increased its 2019 global economic growth forecast to 3.30%.
     • (S43) The International Monetary Fund doubled its global growth forecast for 2013.....
   • Price target /forecast decrease (Caused-movement-down-loss) - Forecasted / targetis lowered, possible values are commodity price target, growth target, demand and sup-ply target
     • (S44) Germany’s Bundesbank this week halved its 2015 growth forecasts for Europe’s largest economy to 1 percent.
     • (S45) OPEC also lowered forecast global demand for its crude oil..

5. Citation

To use this dataset is made available for academic research purposes only, please cite this publication:

@misc{lee2021annotated,
      title={An Annotated Commodity News Corpus for Event Extraction}, 
      author={Meisin Lee and Lay-Ki Soon and Eu-Gene Siew and Ly Fie Sugianto},
      year={2021},
      eprint={2105.08214},
      archivePrefix={arXiv},
      primaryClass={cs.CL}
}