Crude oil, known as petroleum, is commonly used in energy production and manufacturing. In trading, Oil is a popular commodity traded in high volumes all around the world. An oil market was established to match the supply and demand for oil, and its price is an important economic factor.
In Forex Market, traders trade CFDs in Oil, generally traded against the US dollar, as oil futures contracts are always priced in dollars. US oil is called West Texas Intermediate Oil (WTI), and UK oil is called Brent blend oil.