Oil’s importance in fuel and industry makes it one of the world’s most essential and widely traded commodities.
Because the price of oil is determined by a range of significant and sometimes unrelated factors, it is a highly volatile commodity. For example, economic supply and demand, political volatility in oil producing countries and even technological advancements in the production of alternate fuels have an impact on the price of oil.
When you trade oil with MYFX Markets, you’re not actually buying any physical oil. Instead, you enter into a contract related to the real price of the commodity. This type of instrument is known as a Contract For Difference, or CFD.