Oil Futures | Vibepedia

Oil futures are a type of financial derivative that allows investors to bet on the future price of oil, with contracts traded on exchanges such as the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE). The market is influenced by a complex array of factors including geopolitical events, supply and demand, and weather patterns. The market is dominated by a few major players, including ExxonMobil, Chevron, and BP. The contracts are typically traded in lots of 1,000 barrels, with prices quoted in dollars per barrel. The market is open 24 hours a day, 5 days a week, with trading volume peaking during the Asian and European trading sessions.