The price of crude oil is set on the oil futures market, as we all know. An oil futures contract is a legally binding agreement that allows you to buy oil by the barrel at a predetermined price on a predetermined date in the future. Both the buyer and the seller are bound to complete their portion of the transaction on the designated date under a futures contract.
In this video you will find interesting information regarding crude oil prices and how is it calculated. Enjoy!
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How crude oil prices are determined? 🛢⛽️
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