Where are oil and oil products traded?
They are traded in the New York Mercantile Exchange (NYMEX) where standardized contracts for future delivery of West Texas intermediate oil are traded. The International Petroleum Exchange, where standardized contracts for future delivery of Brent Crude are traded. The so-called “spot markets”, where crude oil is bought and sold without long-term contracts. The Refined Petroleum Product Market, where the crude oil that has been processed into gasoline, diesel or heating oil is bought and sold by distributors and retailers.
