Oil price uctuations impact the global economy and geopolitics. 

To manage the risk of price fluctuation, nancial markets 

around the globe have introduced crude oil futures for reners, 

government buyers as well as other market participants. Trading 

of these benchmark crude futures has soared rapidly since launch, 

as has their inuence on the physical market for the following 

reasons:

Firstly, the crude oil futures market has a wide range of 

participants, including producers, reneries, traders, consumers, 

investment banks, hedge funds and other types of investors.

Therefore, the price of oil futures reects the expectations and 

judgements of market participants.

Secondly, highly liquid crude futures are traded publicly and 

transparently on Exchanges, and the trade data is published/ 

distributed in real time. All of which promote more ecient price 

discovery and eective safeguards from market manipulation.

Therefore, oil trading is increasingly relying on the futures price 

with a certain premium or discount to account for quality

variation, geographical location, and other factors thus making 

futures prices an oil benchmark.

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