Hi Commodity Traders,
I usually trade on WTI Crude Oil and Gold. What are the other options that I can take and earn more $$$? And what are the major factors effecting the other commodities like Brent Oil?
Thanks in advance
WTI crude Oil is a popular commodity trade by millions of traders every day. Every Wednesday at 1430h GMT, crude oil inventories publish by OPEC.
Another monthly report from OPEC publish on scheduled days.
Above dates are for year 2019.
These reports give details about the actual values and forecast of production details and other feed backs and decisions taken from OPEC countries.
Crude oil price has a fairly acceptable fluctuation with time.
But in Gold, as the most traded precious metal, price fluctuation is not very general. Sudden highs and laws create by its own market creating difficulties in predictions and trade decisions.
Other than gold and WTI Crude, there are many other commodities we can trade. Namely, platinum, silver, coal, iron, copper... etc. under metals and coffee, natural gas, Brent Oil, wheat ... etc.
You can trade any commodity in the world. Only a trading strategy which can earn profits is needed.
Now its time to explain Brent Oil. Crude oil has two major classifications over the world. Brent Crude and WTI crude. Brent Oil is extracted from North Sea. The difference of Brent over WTI Crude is its ow density and very low sulfur amount(less than 0.5%).
Brent is a leading price maker for Atlantis Basin Oil production and used to price 2/3 of worlds crude oil reserves.
Brent is mostly traded above WTI Prices.
But if you are a beginner, it would be better if you begin to learn commodity trading as the advanced content of knowledge for the initial stages might confuse you.
It's really good to know that as it's quite useful. Thanks.