Oil prices saw notable increases on August 12, with WTI Crude Oil and Brent Crude Oil both recording gains. According to the price of WTI Crude Oil (Light Sweet) at the NYMEX Stock Exchange rose by 2.70%, reaching $79.50 per barrel. Meanwhile, Brent Crude Oil at the London ICE Stock Exchange climbed by 1.99%, settling at $81.66 per barrel.
The term “barrel” is used as a standard unit of measurement for oil, with one barrel equating to 159.98 liters.
The New York Mercantile Exchange (NYMEX), established in 1882, remains a leading US futures market, renowned for its role in oil futures trading. The exchange operates through two divisions: the NYMEX Division, which handles trades for commodities such as oil, gas, and carbon dioxide emissions, and the COMEX Division, which deals with metals like gold, silver, and copper.
The London Intercontinental Exchange (ICE), founded in 1982, is a major global options exchange based in London. It is recognized for its significant role in global trading markets.
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