West Texas Intermediate (WTI) crude oil is a light, sweet crude oil produced in Midland, West Texas, USA. easyMarkets bases its contract on the US standard for Oil trading, namely the WTI. Also known as Texas Light Sweet, WTI is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contracts. The price of this contract is widely quoted across analyst reports as the benchmark for global oil prices.
Characteristics of WTI Crude Oil
WTI crude oil has:
- High quality grade
- Less than 5% sulfur content
- Faint sweet taste (which is why it’s often called ‘light sweet crude’).
WTI crude oil also has a lower level of other impurities, as a result of which it is easier to refine. Moreover, it is easier to transport than heavy sour oil, which has a high wax content, high density and high viscosity. Due to its scarce availability, the demand for WTI crude oil is always likely to remain high. All these factors make WTI crude oil the world’s most liquid oil commodity in an electronic marketplace.
Specifications for trading WTI Oil with easyMarkets
easyMarkets Symbol for WTI Oil: OIL
Quote convention: USD per barrel, e.g. OIL/USD = 75.00 USD per barrel.
Expiration date: All OIL deals will expire at 12:00 GMT on the fourth US business day prior to the 25th calendar day of the month, preceding the relevant futures contract month. If the 25th day is a non-business day, trading shall cease on the fourth business day prior to the business day preceding the 25th calendar day. Click here to find out more about Rollover of OIL deals to new contracts.
Trading hours: Trading is conducted 02:00 until 21:00 London time, Monday to Friday. Outside these hours no opening or closing of deals will be allowed.
Availability: OIL trading is not available in the USA and some other regions. Check with your account manager or Personal Dealer if it is available in your region.