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A benchmark crude or marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend , and Dubai Crude .
The NYMEX Crude Oil contract trades under the symbol CL on the New York Mercantile Exchange, now part of Chicago Mercantile Exchange. [2] The contract is for 1,000 US barrels, or 42,000 US gallons, of WTI crude oil, the minimum tick size of the contract is $0.01 per barrel ($10 for contract), and the contract price is quoted in US dollars. [6]
In energy markets, crude oil futures were off more than 8% to trade below $96 a barrel as commodities remain under pressure amid investor fears of a global recession.
Brent Crude Oil Penultimate Financial Futures, also known as Brent Crude Oil Futures, are traded using the symbol BB, and are cash settled based on the ICE Brent Crude Oil Futures 1st nearby contract settlement price on the penultimate trading day for the delivery month.
Over the past year, the price of Brent Crude, a key global oil benchmark, has been as low as $70.31 and as high as $93.12. Over the past three years, the swing from peak to trough was even greater ...
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Trading unit 1,000 barrels (160 m 3). Price quotation U.S. dollars and cents per barrel. Trading symbol OQD Trading hours Electronic trading is open from 18:00 U.S. Eastern Standard Time (EST) and closes at 17:15 EST the next day, Sunday to Friday. Singapore is 13 hours ahead of EST and Dubai is 9 hours ahead.
U.S. stocks sank, and oil prices slipped amid two key pieces of data: the JOLTS job openings survey, which showed a softening in the labor market, and factory orders data.