If there is one commodity, apart from gold, that has a major global macroeconomic stamp it is crude oil. Russia, Saudi Arabia and the US are the 3 largest producers of crude oil in the world and between them they account for nearly 1/3rd of the daily global crude oil production. Crude has had varied cycles over the last 50 years and for a long time it was the Organization of Petroleum Exporting Countries (OPEC) that literally controlled the supply and price of crude oil. However, over the last few years, the OPEC share out output has fallen from nearly 50% to about 35% of the global out output. That has substantially reduced the bargaining power that the OPEC had in setting the tone for oil supply and oil prices.

Understanding crude futures trading on the commodity exchanges
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How to create spreads in trading crude oil futures
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