Oil is essential to our livelihoods. It is considered the most important and popular source of energy in the world. Crude oil is all hydrocarbons, fossils, and organic materials in a liquid state. It is usually unrefined, yellow-blackish, and oily in nature.
Crude oil produces with it associated natural gas, which many homes use for cooking. The oil itself is relied on by various industries. Undeniably oil is the underpinning of modern society’s needs and wants.
The demand for oil and its importance make it an attractive trade commodity. Therefore, many people are keen on learning how to trade crude oil.
Understanding How Trading Crude Oil Works
Trading crude oil is enabled by the fact that it is commercially traded in the financial market. All financial market commodities fluctuate in prices. This is often due to demand and supply, environmental and geopolitical economic factors. Crude oil is no exception to these fluctuations.
These fluctuations form the basis for trading Crude Oil. For oil traders, it is about placing a bet called longs or shorts on crude oil – WTI or BENT and attempting to profit on fluctuations.
WTI versus BENT Crude Oil
WTI and BRENT form the types of crude oil that are traded. WTI Crude oil, also known as the West Texas Intermediate, is a lighter and sweet crude oil. WTI is used as a reference point when it comes to pricing oil. It is popular in the Midwest and Gulf Coast regions of the US.
BRENT crude oil is the leading reference point for pricing crude oil in the Atlantic basin crude oils. It is vastly used as it covers about two-thirds of the world crude oil market. Compared to WTI, it is heavier and is richer in sulfur.
How To Trade Crude Oil on PrimeXBT
Undoubtedly, oil is a widely traded commodity in markets across the globe. The trading is enabled by price fluctuations. However, understanding these trends may be difficult to understand and predict.
For any oil trader, it is best to be equipped with trading tools that make you understand the market trajectory. This includes understanding how factors such as supply would affect crude oil prices. Sometimes his information and past prices are hard to come by and compute.
The danger is that the oil trader may end up making unsuccessful trades while trading crude oil due to a lack of information or best trading tools in a proliferated market.
PrimeXBT provides its users with trading tools to aid in the analysis as well as strategies to make successful trades in the oil market.
PrimeXBT iOS App
The PrimeXBT has revolutionized the world of trading. The application makes a seamless platform for trading. Its efficiency and speed equal that of the usual mobile browser.
The user enjoys a fluid experience swiping when they want to change between interfaces. The PrimeXBT has a satisfying touch that comes in handy when switching through and clicking on the interests under the account dashboard.
Since digital trading has a risk of losing personal data and funds due to attacks, the PrimeXBT iOS app has included security measures. For instance, the app uses Touch ID and Face ID for authentication purposes. Also, PrimeXBT provides cold wallet storage which stores your assets without connecting to the internet, so they are secure from cyber-attacks.
Opening the Global Market
By opening an account and registering with PrimeXBT, you get access to the global market. Today, trade has moved online, marking the world as one big market. This is mostly because of the ongoing covid-19 pandemic.
PrimeXBT opens this global market to its users by giving access to all commodities such as WTI crude oil and BRENT crude oil assets that are a treasure to oil traders regardless of their location.
Registering for PrimeXBT is simple and takes under a minute when registering. Also, for first-time users, depositing funds comes at zero costs. Once the account is up and the fund deposited, the user can successfully trade in crude oil courtesy of the trading tools and strategies on PrimeXBT.