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Learn Oil
A start-here path for crude oil: WTI and Brent, the weekly EIA report, what moves prices, plain definitions and funded-account news rules.
Oil is traded as two benchmarks, WTI and Brent, and moves on supply, demand, inventories and geopolitics. Start with what each benchmark is, then learn the weekly data that moves them.
Start here
- Oil market hub βWTI, Brent and the key sources in one place.
- What is Brent crude oil? βThe name, the price and how Brent differs from WTI.
- Brent vs WTI βWhy the spread matters and how the two benchmarks relate.
- EIA weekly report explained βThe Wednesday release that moves WTI, and how to read it.
- What drives oil volatility βOPEC+, inventories and geopolitics as a routine.
- Strait of Hormuz βWhat passes through it and what changed in 2026.
- How to trade oil βA process, the tools and the risks.
- Oil on a funded account βNews windows: FTMO names crude inventories as a restricted event.
Key terms in plain language
- WTI
- West Texas Intermediate: the US crude benchmark, priced at Cushing, Oklahoma. WTI futures trade on NYMEX (CME Group) in contracts of 1,000 barrels.
- Brent
- The global crude benchmark, based on North Sea crude. ICE Brent futures also trade in contracts of 1,000 barrels.
- Barrel
- The unit oil is priced in: 42 US gallons. Use the barrel converter for litres, tonnes and gallons.
- Cushing, Oklahoma
- The storage hub and delivery point for WTI futures, so its inventories matter for WTI.
- BrentβWTI spread
- The price gap between the two benchmarks. It widens and narrows with transport, supply and local demand.
- EIA weekly report
- The US Energy Information Administration's Weekly Petroleum Status Report: crude, Cushing, refinery and product data, normally on Wednesdays after 10:30 a.m. Eastern (a day later in some holiday weeks).
- Refinery utilization
- The share of refining capacity in use. It shows how much crude refiners are processing.
- SPR
- The US Strategic Petroleum Reserve: government-held emergency crude stocks, reported in the weekly EIA data.
- OPEC+
- The Organization of the Petroleum Exporting Countries and its partners, who coordinate production decisions.
- Contango and backwardation
- Contango: later-dated futures cost more than near-dated ones. Backwardation: they cost less. Both describe the futures curve, not a forecast.
- CFD
- A leveraged contract that tracks a price without owning the asset. Leverage magnifies losses as well as gains.
Guides and analysis
- WTI vs Brent: The Difference Between the Two Oil BenchmarksThe difference between WTI and Brent crude: where each is priced, why the gap (the spread) moves, and how traders read it. Live chart link included.
- EIA Weekly Petroleum Status Report: How Oil Traders Read ItWhat the EIA's Weekly Petroleum Status Report contains, when it is released, why Cushing matters for WTI and how to read it beyond the headline.
- How to Trade Oil (WTI & Brent): A Practical GuideA clear guide to trading crude oil: WTI vs Brent, what drives prices, the key data to watch and how to manage volatility, without hype.
- What Drives Oil Volatility: OPEC, Inventories and GeopoliticsCrude oil is one of the most volatile markets. Here are the recurring catalysts that move WTI and Brent, and how to build a routine around them.
- The Strait of Hormuz and Oil Prices: What Passes Through It and What Changed in 2026How much oil passes through the Strait of Hormuz, why pipelines cannot replace it, what changed in 2026 and what the EIA and IEA say. Facts, dated and sourced.
- Trading the EIA Oil Report on a Funded Account: A Wednesday ChecklistBefore the Wednesday EIA crude inventory report: what FTMO and FundingPips say about news windows, what counts as a violation, and a five-step checklist.
- What Is Brent Crude Oil? The Name, the Price and the $200 QuestionWhy Brent is called Brent, who owns it, how it differs from WTI, where to check today's price, and what oil price history says about $100 and $200 a barrel.
- Why Oil Can Move Against the Headline (and What to Do About It)Why oil can fall on a bullish-looking report: expectations, other drivers and the release itself. Plus API vs EIA, and what it means on a funded account.
Related tools and pages
Frequently asked questions
What is the difference between WTI and Brent?
WTI is the US benchmark, priced at Cushing, Oklahoma. Brent is the global benchmark, based on North Sea crude. They usually move together, and the gap between them (the spread) changes over time.
Why do traders watch the EIA report?
It is the weekly read on US crude and product inventories, refinery activity and imports. Its surprises can move WTI within minutes, and it is released on a fixed schedule.
Can oil prices go negative?
In April 2020 the front-month WTI futures contract settled below zero. The EIA attributes it to low liquidity and limited available storage at the time. It is rare, but it shows that oil futures can behave in extreme ways.
Can I trade oil on a funded account?
Often yes, but news rules matter. FTMO's FAQ names Crude Oil Inventories among its restricted events on a Standard FTMO Account, so the EIA release falls inside a 2-minute window either side. Other firms have their own rules: compare them before the release.
How do traders get exposure to oil?
Through futures, exchange-traded products, energy shares or leveraged CFDs. CFDs and futures carry a high risk of loss because of leverage. Read the risk disclosure before trading.
Sources (6)
ShowHide
Official or primary sources used for the facts above. Figures and terms change, so check the source before acting on them.
- U.S. Energy Information Administration β Weekly Petroleum Status ReportContents and release schedule of the weekly report.Accessed
- U.S. Energy Information Administration β Spot Prices for Crude Oil and Petroleum ProductsDaily WTI (Cushing, OK) and Brent (Europe) spot prices.Accessed
- U.S. Energy Information Administration β Low liquidity and limited available storage pushed WTI crude oil futures prices below zeroCushing as the WTI delivery point and the events of 20 April 2020.Accessed
- Intercontinental Exchange (ICE) β Brent Crude FuturesBrent futures contract.Accessed
- CME Group β Light Sweet Crude Oil (WTI) futures contract specsWTI futures contract unit.Accessed
- OPEC β Declaration of Cooperation reaches eight years (press release)OPEC+ cooperation.Accessed
Written by Volodymyr Kravchenko from official sources. See the methodology.
This content is provided for educational purposes only and is not investment advice. Trading involves risk, and past performance does not guarantee future results. Affiliate relationships may exist. Always conduct your own independent research before making financial decisions.