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Crude oil as a commodity, its futures are the world's most actively traded commodity.
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The location and quality of crude oil then impact the sophistication of refining required.
Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline.
In the week prior, the API reported a surprise draw in crude oil inventories of after analysts had predicted a build of 2.
You can also use complex technical analysis tools and oscillators to aid your trading.
Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics.