US Crude Oil Spot
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.