Oil
Oil, often termed petroleum, is a crucial energy source powering various machines and daily activities for both consumers and businesses. Its significance extends beyond practical use to its role in the global economy, necessitating the creation of oil markets to balance supply and demand. Oil trading predominantly occurs through futures contracts, which are agreements to buy or sell oil at a future date for a specific price. These contracts standardize details like quality and quantity, facilitating trading on major exchanges such as the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE), under the oversight of regulatory bodies like the UK's Financial Services Authority (FSA) and the US's Commodity Futures Trading Commission (CFTC). The market primarily deals in crude oil, the most extensively traded form of oil on international platforms.