The vast majority of oil is not traded on an exchange but on an over-the-counter basis .
The price of a barrel of crude oil is highly dependent on both its grade, determined by factors such as its specific gravity or API and its sulphur content, and its location.
Petroleum is marketed among other products in commodities markets. See above for details. Widely traded oil futures include:
Nymex Crude Future Dated Brent Spot WTI Cushing Spot Nymex Heating Oil Future Nymex RBOB Gasoline Future
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