Oil is heavily traded across the globe and has proved in recent months to be very volatile.
Russia, Saudi Arabia and the United States are the 3 biggest producers of oil across the globe. Oil is refined to produce many other petrochemicals such as jet fuel, heating oil and gasoline. As such, the prices of gasoline and heating oil can also have a knock on effect in the pricing of this commodity so there are many factors you will need to focus on when trading this product.
Usually the summer and winter months are when the demand is largest however weather patterns in these times can greatly affect the pricing of this product.