Petroleum CL

There are many types of crude oil, each with distinct price characteristics. The two main international crude oil benchmarks are:

NYMEX WTI Crude Oil – determined based on the benchmark of oil futures contracts traded on the CME New York Mercantile Exchange.

Brent Crude Oil – determined based on the international benchmark primarily used in Europe and traded on the Intercontinental Exchange (ICE).

Another important oil pricing benchmark is the OPEC Reference Basket, which includes the total volume of oil produced and exported by member countries of the Organization of the Petroleum Exporting Countries, with Saudi Arabia being a key member of the organization.

Follow these 7 steps to trade Oil CFDs with Track Crypto:

1. If you don't have a Track Crypto trading account, click here.
2. Fill in your registration details and fund your account via methods like bank transfer, credit/debit card, etc.
3. Navigate to Oil under the 'Commodities' section, or search for 'Oil' in the search bar.
4. Check upcoming economic events that may affect oil prices, such as the US Weekly Petroleum Report and OPEC meetings.
5. Add stop-loss orders to manage your risk and potential profit, such as 'Stop Loss' and 'Take Profit'.
6. Open a buy or sell position based on your predicted direction of oil prices.
7. If you wish to close the position, click the 'Close' button.

Crude oil, also known as North American crude, is the underlying instrument for traded oil extracted from US land and coastal waters. Its main competitor is Brent Crude – the benchmark for crude oil from the North Sea.

Oil CFDs are financial derivative products that track the price movements of Brent Crude futures, the world's largest and most traded commodity. Oil futures CFDs are traded on the Track Crypto trading application based on quotes provided by the NYMEX, available 23 hours a day, 5 days a week. NYMEX is the primary commodity futures market of the CME Group (CME).

Factors influencing crude oil prices are typically categorized into three groups:

• Macroeconomic Factors
  • Supply: Includes the actual crude oil resources that can be extracted from land or sea, as well as oil reserves, encompassing the number of barrels that can be produced at an economically viable price per day, week, or month.
  • Demand: Relies on oil supply and by-products to sustain global economic growth, as well as the adoption of alternative energy sources like wind, hydro, and solar power.
• Relationships Between Key Players in the Oil Market
  • Production agreements among major oil producers regarding production volumes.
  • Political or economic sanctions imposed (or lifted) on oil-exporting countries like Iran, Venezuela, Qatar, or Russia can lead to fluctuations in global oil prices and other commodity prices.
• Speculation and Trading Sentiment
  • Trading oil via futures contracts is considered a common form of trading. Due to the large number of market speculators – central banks, investment banks, financial institutions, brokerage firms, individual investors, day traders, etc. – this activity can strengthen or reverse oil price momentum.

Explore more factors that can influence oil prices in our article "Factors Affecting Oil Prices".

Benefits of trading Oil Futures CFDs with the Track Crypto app include:

• Competitive spreads, zero trading commissions.
• High liquidity and volatility due to the nature and popularity of oil.
• The oil market is open for trading 23 hours a day, 5 days a week.
• Free automatic rollover from old contracts to new ones.
• You can trade in any direction – selling is as easy as buying.
• Our customer support team is here for you anytime.