Each CL contract represents 1,000 barrels of oil, and the contracts trade Sunday to Friday from 6 p.m. ![]() The most popular WTI crude oil futures contracts are traded on the NYMEX. Futures contracts are agreements to buy or sell a standardized amount of an asset at a specific price on a particular future date. One of the most popular ways investors speculate on crude oil and other commodity prices is by trading futures contracts. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East. and international supply and demand conditions. The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. The difference between the spot price of Brent crude and WTI crude is called the Brent/WTI spread.
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