oil market
Crude trading arena
The oil market is the global system of buying and selling crude oil and petroleum products.
It encompasses physical trading of barrels, futures contracts, and the pricing mechanisms that determine what consumers pay for gasoline and heating fuel.
Tensions in the Middle East sent the oil market into turmoil.
OPEC decisions, geopolitical events, and demand shifts all move the oil market.
- black goldSlang for petroleum
- pipelineLong-distance fluid transport tube
- spot priceCurrent trading value
- refineryIndustrial purification facility
- futures contractAgreement to trade later
energy security · price volatility · climate policy · drilling rig · carbon emissions · commodity exchange · strategic reserves · supply chain · environmental regulation · distribution network · catalytic reforming · derrick · drilling rights · petrodollar · rail transport · gas station · pump price · gas prices
- marketsbazaar, souk, vendors, food stalls, Grand Bazaar