Table 2.

LM unit root test without structural break

Variable	Intercept	Trend	τ	ρ
Brent Spot	0.3017** (2.091)	0.0008*** (3.061)	−2.1104	−8.8352
Brent 1-month	0.2534* (1.900)	0.0008*** (3.009)	−2.3617	−11.0818
Brent 3-month	0.1629 (1.434)	0.0006*** (2.794)	−2.5694	−13.1481
Brent 6-month	0.0995 (0.995)	0.0004** (2.532)	−2.1852	−9.5283
WTI Spot	0.2759* (−1.851)	0.0008*** (−2.865)	−1.4787	−4.3396
WTI 1-month	0.2669* (1.815)	0.0008*** (−2.853)	−1.5493	−4.7648
WTI 3-month	0.1665 (1.335)	0.0006*** (2.683)	−1.9782	−7.7917
WTI 6-month	0.0801 (0.762)	0.0004** (2.374)	−1.9128	−7.3055

Note: t-Statistics for dummy coefficients are given in parentheses.

^*Significant at 10%.

^**Significant at 5% level.

^***

Significant at 1% level.

Levels of significance for ρ-statistic			Levels of significance for τ-statistic
1%	5%	10%	1%	5%	10%
−25.2	−18.1	−15	−3.58	−3.02	−2.75