Oil Prices

New York Mercantile Exchange (NYMEX)
Crude oil is the world's most actively traded commodity.  The New York Mercantile Exchange (NYMEX) light sweet crude oil futures contract is the world's most liquid crude trading forum, as well as the world's largest volume futures contract trading on a physical commodity.  Because of its excellent liquidity and price transparency, the contract is used internationally as a pricing benchmark, including here in Alberta.  The futures contract trades in units of 1,000 barrels to be delivered in Cushing, Oklahoma, which is also accessible to the international spot markets via pipelines.  The contract provides for delivery of several grades of domestic and international crude types and serves the diverse needs of the physical market. (Source: New York Mercantile Exchange website)