Definition
Crude oil is an unrefined petroleum commodity whose traded benchmarks differ by grade, sulfur content, location, delivery period, and contract specification.
In market context
Brent-related grades and West Texas Intermediate are widely followed references, but neither represents every physical barrel or local market. Prices respond to production, inventories, refining demand, transport constraints, geopolitics, currency, and expectations about future balances. Exposure through a derivative or fund can also reflect financing, expiry, and roll effects, so it may not track a headline spot quote exactly over time.
Risk context
Oil prices can gap around geopolitical events, inventory surprises, production decisions, and disruptions in transport or refining.
Source
Use the primary source for fuller regulatory or market context.