oil

Crude oil is a source of liquid fuel. It is obtained by drilling. Oil is used for transportation, petroleum products and plastics.Structure Between 50% and 97% of the oil is produced by hydrocarbons. From 6% to 10% is nitrogen, oxygen and sulfur. Less than 1% are metals such as copper, nickel, vanadium and iron.Oil is called fossil fuel because of its origin. It was created 400 million years ago when the remains of prehistoric algae and plankton fell to the bottom of the ocean. It combines dirty and deposited layers. Intense pressure for millions of years. At first it turned into a waxy substance called kerogen. It became liquid oil after more pressure and heat. That is why it is a non-renewable resource. Creating new oil will take millions of years.Use of crude oil Crude oil is a widespread product. Diesel fuel and aviation fuel. They also include fuel oil. In 2017, the United States demanded 7.3 billion barrels of crude oil. Of this volume, 47% accounted for gasoline, 20% for fuel oil and diesel fuel, and 8% for aviation fuel. When hydrocarbons burn, they give off heat, which formed them. They are also referred to as carbon dioxide.Crude oil also creates petroleum products, according to the US Energy Information Administration. In combination with other chemicals, there are more than 6,000 items. Petroleum by-products are tar, asphalt, paraffin and lubricating oils. It is also used in chemicals such as perfumes, insecticides, soaps and vitamin capsules.For plastic bags, heart valves are used. It is used in carbon fiber in airplanes, in PVC pipes and in cosmetics. For example, the manufacture of a sofa requires about 16 liters of crude oil. About 40% of textiles contain a by-product.Types Western technology is of very high quality. For this reason, it is often called "light, sweet" crude oil. These properties make it excellent for making gasoline. That is why this is the main reference point for crude oil in the Americas.Brent Blend is a combination of crude oil with 15 different fields in the North Sea. It is less “light” and “sweet” than WTI, but still great for making gasoline. It is processed in Northwest Europe. Learn more about the difference between WTI and Brent Blend.Shale oil is crude oil. The stone must be broken to provide access to a layer of oil. Market entry at a competitive price. As a result, oil prices fell. This led to oil and oil production in the USA in 2014–2016.Oil prices Crude oil prices are measured based on the price of a barrel of oil. The base price of the Organization of Petroleum Exporting Countries and futures prices on the New York Mercantile Exchange are also sometimes indicated.WTI sells at a discount of $ 7 per barrel of Brent. The difference is an increase in WTI shipments from shale oil producers in the United States. The prices of other types of crude oil on these two continents are often estimated in comparison with Brent, that is, Brent minus 0.50 US dollars.Base oil price from Algeria, Indonesia, Nigeria, Saudi Arabia, Dubai, Venezuela and Mexico. To monitor the state of the global oil market. OPEC prices are lower because oil in some countries has a higher sulfur content. This makes it more “acidic” and less useful for cooking gasoline.Almost every major American newspaper reports oil prices on the New York Mercantile Exchange. This is the cost of 1,000 barrels of oil at a specific time in the future. Oil is usually WTI. NYMEX thus predicts that oil traders are thinking about the future spot price of WTI. Oil traders are not aware of the sudden overload of oil supplies.Oil investing There are many ways to invest in oil, but this is not for the faint of heart. Oil prices are so volatile that they are difficult to predict.Crude oil futures is an agreement to buy or sell oil. They are needed in the future. Traders Never Take Ownership