A commodity is a basic good that is interchangeable with other commodities of the same type. Commodities are often inputs used in production for other goods and services. Another definition for a commodity is any good exchanged for commerce. This includes any product that is traded on a commodity exchange like the CBOE (Chicago Board Options Exchange).
Oil holds a significant position in the global economic and political systems. Because of the high volume of trading in crude oil, traders have more opportunities to enter a trade. Crude oil, like many other assets, is influenced by supply and demand.
Brent
Brent is a sweet, light crude oil derived from the North Sea. It is also known as Brent petroleum and serves as a major benchmark price for purchasing oil around the world.
Natural Gas
Natural gas is one of the world's cleanest and safest energy sources. During the winter, natural gas is in high demand to meet commercial and residential heating needs. It is one of the most appealing globally traded commodities on the market.