It’s commonly found under the ticker of USOIL in trading platforms. There are two types of benchmarks for pricing crude oil, which are the United Kingdom’s Brent and the United States’ West Texas Intermediate (WTI). There are many factors that affect the price of oil, such as production changes, technological advances and geopolitical crises.
How to Trade Crude Oil?
There are many ways to trade oil. You trade it via CFDs, futures, options, ETFs or shares.
What Is the Best Time to Trade Crude Oil?
The most popular trading times of oil markets are between 1 PM and 6.30 PM (London time). During this period of time, many orders are executed and high liquidity is observed.
What Is a Crude Oil Future?
A crude oil futures contract is an agreement made to buy or sell barrel/s (e.g. 1,000 barrels per contract) of oil at a future date for a predetermined price.