An oil futures contract is a tradable instrument for the purchase and delivery of 1000 barrels of crude oil (standard contract) or 100 barrels of crude oil (micro contract) of West Texas Intermediate (WTI) crude oil. Each futures contract, like crude oil, has a unique set of contract specifications that are set by the futures exchange.
Economic activity from the global crude oil industry has a significant impact on almost every country in the world as it influences and supports countless essential activities and industries. The challenges and costs associated with crude oil exploration, drilling and refining, make this a popular market to trade.
Crude oil futures trading is an agreement between a buyer and seller at a specified price in a contract that will expire on a specific date. Traders can enter and exit positions any time before the expiration date in financially settled futures like the micro 100 barrel crude oil contract. 
One of the advantages of trading crude oil futures contracts includes giving traders direct market access for speculating on the price movement of crude oil. Additionally, crude oil futures provide good liquidity virtually 24 hours a day, lower trading capital requirements, and uncorrelated diversification. Crude oil futures can also offer traders more opportunities and trading flexibility over energy stocks, ETFs, and CFDs with their many limitations.
Crude oil futures are traded on a well-regulated exchange where orders are matched and cleared on a fair and level playing field with full price and order transparency. Traders can place buy and sell orders through their broker to enter or exit a position virtually 24 hours a day in the crude oil futures market.
Yes, you can trade crude oil futures with NinjaTrader. NinjaTrader is an industry-leading futures broker offering low commissions, low margin rates, and safety of your account funds. With NinjaTrader, you can trade dozens of the most actively traded futures markets in the world including the standard crude oil and Micro crude oil futures contracts.
Like every futures contract, the primary risk of trading crude oil futures contracts is that the price of the crude oil futures will go against the trader’s position. Energy sector news and government reports related to supply and demand, or storage and exploration can all have a significant effect on the price of an oil futures contract.

The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to better coordinate crude oil policies and production levels among the member countries to help stabilize oil prices. Over the years, OPEC has expanded to include seven additional countries: Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates. 

OPEC Plus, formed in 2016, includes OPEC members and 10 non-OPEC oil-producing countries, most notably Russia. This new coalition aims to enhance cooperation and better control oil production levels to help stabilize the global oil market and prices, especially during periods of high demand and high supply. 

OPEC and OPEC Plus are a significant global crude oil alliance, effectively controlling 40-45% of the global crude oil market. Their policy decisions can influence global oil prices and significantly impact economies worldwide, particularly those heavily dependent on oil imports and exports. By coordinating production levels, OPEC and OPEC Plus aim to better manage oil supplies, maintain price stability, and ensure steady consistent revenue for their member countries.