Internationalspotcrudeoilreferstothephysicalcommodityofcrudeoilthatistradedontheglobalmarketforimmediatedeliveryorsettlement,asopposedtofuturescontractswhichareagreementstobuyorselloilatapredetermined
International spot crude oil refers to the physical commodity of crude oil that is traded on the global market for immediate delivery or settlement, as opposed to futures contracts which are agreements to buy or sell oil at a predetermined date in the future. International spot crude oil prices are influenced by a number of factors including global supply and demand, geopolitical events, and financial market conditions. The most widely used benchmark for international spot crude oil prices is Brent crude, which is traded on the Intercontinental Exchange (ICE) in London, while the West Texas Intermediate (WTI) is a benchmark traded on the New York Mercantile Exchange (NYMEX) in the United States.
