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Daily Oil Rates are posted on the xroilprice.com web site.
Crude oil is an important commodity which affects the global economy. Depending upon the amount of production (controlled in part by O.P.E.C) and the supply and demand, the price of oil will fluctuate. In addition, the major petroleum stock exchanges like Nymex, New York, International Petroleum Exchange, London, and the Singapore International Monetary Exchange, also determine the oil prices.
Information on daily oil prices and the latest developments and trends in the oil industry, is extremely important to oil traders and investors. The oil price is basically given as dollars per barrel, where one barrel is 42 US Gallons or 159 liters.
O.P.E.C. (Organization of the Petroleum Exporting Countries) is an organization of major oil producing countries which band together to control oil production.
There are various options available for investing in oil. Some are in mutual funds, stocks with major or middle-sized oil companies, drilling funds, and royalty funds. Oil investment provides tax benefits, high returns with low risk and useful as a long-term investment in view of increasing demand for oil.