Crude oil is one of the world’s most liquid and highly traded commodities. There are many factors that affect the supply and demand of this commodity. One of these factors is the Organization of the Petroleum Exporting Countries (OPEC), a group of 14 major oil producing countries. OPEC meets periodically and may decide to increase or decrease production. This can have a big impact on the current and future price of crude oil.
Crude Oil is traded in futures contracts. The most common currency to trade with oil is the Canadian Dollar. This is because Canada is a net exporter of oil. This, in turn, affects the value of the Canadian Dollar. As such, traders looking to trade oil can look for an inverse relationship between the Canadian Dollar and Crude Oil.
Crude oil, also known as petroleum, is made up of hydrocarbons and organic compounds. It also contains traces of metal. Crude oil is produced in a number of countries and is classified according to its sulfur content. Crude oil can be light or heavy, and it also has varying density. Light sweet crude oil has low sulfur levels and is less expensive to process for energy.