From Traderpedia

Definition: Liquid petroleum as it comes out of the ground, as distinguished from refined oils manufactured out of it.

Also called simply "crude". Crude oil varies radically in its properties, namely specific gravity and viscosity. Depending on the chemical nature of its chief constituents, crude oil is classified as paraffin base, asphaltic base, or mixed base.

NYMEX trades a type of crude called West Texas Intermediate where the IPE trade Brent crude.

[edit] See also

• Commodity
• Futures