LONDON, OCTOBER 18, ARMENPRESS—Oil prices increased on October 17, 2024. The price of West Texas Intermediate (WTI) crude oil rose by 0.37% to reach $70.86 per barrel on the New York Mercantile Exchange (NYMEX). Meanwhile, Brent crude oil prices on the London Intercontinental Exchange (ICE) increased by 0.17%, reaching $74.54 per barrel.
Understanding Oil Measurement
One barrel of oil is equal to 159.98 liters.
About NYMEX and ICE
The New York Mercantile Exchange (NYMEX), established in 1882, is a leading U.S. futures market. It is the top exchange for oil futures trading and operates through two divisions. The NYMEX Division focuses on oil, gas, platinum, palladium, ethanol, coal, electricity, and carbon dioxide emissions. The COMEX Division handles precious metals like gold, silver, copper, and aluminum.
The London Intercontinental Exchange (ICE), founded in 1982, is a prominent global options exchange. It operates as a key player in international trading.
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