Definition: Oil Prices
Crude Oil - as generic term for petroleum based intercontinental commodity products. The price of a barrel of oil is dependent on its grade, specific gravity, sulphur content - also geographic source of the oil. The vast majority of oil is traded purely as contractural exchange of goods at cost. Other trading is via commodities markets.
Quoted in normal units of "Barrel" price of petroleum refers to the spot price of either WTI/Light Crude as traded on the New York Mercantile Exchange (NYMEX) or of Brent Crude as traded on the Intercontinental Exchange.
Oil is traded in commodities markets as oil futures, Commodity market products; Petroleum, Nymex Crude Future, Dated Brent Spot, WTI Cushing Spot, Nymex Heating Oil Future, Nymex RBOB Gasoline Future, Natural gas, Nymex Henry Hub Future, Henry Hub Spot, New York City Gate Spot.
Oil is also traded in funds. ETFS Crude Oil ETF - exchange-traded fund listed on the British LSE exchange as ticker symbol: CRUD. PowerShares DB Crude Oil Double Long (DXO). Long ETN (OLO). Double Short ETN (DTO). Short ETN (SZO).
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