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Closing Spot Prices for 1 Barrel of Crude Oil in USD Dollars.

1 Barrel = 42 US Gallons = 159 Liters

Last Updated: Fri, 07-19-2024 13:05 (+5 GMT)
Country Currency ISO 07/19/24 07/18/24 Change
UNITED STATESUS DollarUSD82.1582.18-0.0466%
Last Updated: Fri, 07-19-2024 13:05 (+5 GMT)

Welcome to XR Oil Price.com !

Oil is a commodity that can be traded. Commodities are resources and agricultural products such as crude oil, ethanol, coal, iron ore, salt, sugar, soybeans, coffee beans, wheat, rice, gold, silver, copper, aluminum, etc. Commodities are also referred to as something for which there is a demand that is supplied as a product that is the same no matter who produces it.

Many people around the world trade oil. Trading oil is similar to trading currency, metals, or any other commodity. There are oil futures and there are oil options.

An oil futures contract is a standardized contract traded on a futures exchange, to buy or sell a specific quantity of oil at a future date. In other words, oil futures are contracts to buy or sell at a specific date in the future at a price specified today. The future date is called the delivery date or final settlement date. The "official price" of the futures contract at the end of a day's trading on an exchange is called the settlement price for that specific day.

An option gives a buyer the right to establish a position previously held by the seller of the option, however, it is not an obligation.

The owner of an options contract MAY exercise the contract, but with a futures contract both MUST fulfill the contract on the settlement date.

Buyers and sellers in the futures market for oil include speculators and hedgers. Hedgers are those who want to buy and sell oil, and they want to try to minimize the risk of oil price fluctuations. Hedging in oil futures is where someone buys and sells financial claims in order to avoid the risk of changes in oil prices. Hedging does not eliminate risk, but transfers it to a speculator.

Speculation is the buying or selling of oil futures contracts when the investor isn't really in the oil business. Speculators try to profit from changes in market prices.

The creators of ExchangeRate.com have made it a mission to provide you with a great wealth of information about Oil. Whether you are looking for the current buy/sell rates of crude oil, or if you are merely interested in finding out more about oil, XROilPrice.com has you covered. Who knows, maybe you are ready to invest in oil, or maybe you just might want to learn more about oil...either way, we have many sponsors more than willing to show you their products and services.

This file last modified 09/22/08