Crude oil is one of the world's top trading commodities. The majority of the world's crude oil comes from the Middle East and Russia. Its main byproducts are gasoline, diesel fuel and jet fuel. Common uses of crude oil include plastic production, clothing, furniture making, food production and many more. Crude oils differ by name. Their name (for example; Brent, WTI, Bonny Light) serves as a benchmark for buyers and sellers. Oil marked as Brent Crude indicates that oil is light, sweet and not so dense. Western Canadian Selects, vice versa, refers to a heavier type. Dubai Crude means a medium sour oil. Crude oil trades on the major commodities exchanges in the form of contracts. The size of each contract is 42,000 gallons
Latest commodities articles
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Both the Federal Reserve and Bank of England will deliver their updated monetary policies this week, with GBP/USD likely to experience increased momentum.
12 hours ago
The markets expect FOMC to cut but outlook in 2025 is less certain
Markets expect a 25bp rate cut at the FOMC meeting on December 18, 2024, amid strong U.S. economic data. However, the outlook for 2025 remains uncertain as inflation and growth trends evolve.
16 hours ago
Projected US interest rates in 5 years: Third party round up
As the US central bank starts its cutting cycle, what are the projected interest rates in 5 years?
10:09, 13 December 2024
Projected UK interest rates in 5 years
Bank of England (BoE) cut rates for the first time in August 2024, with further easing expected in the coming months. But how low are rates likely to go?
12:58, 12 December 2024
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