Trading oil: WTI vs Brent, barrels per lot and the weekly calendar
The Sahm Markets team · 29 October 2026 · 6 min read · How we write
In short
- WTI follows US supply and storage; Brent follows global and Middle East supply.
- Oil CFDs can be 100 or 1,000 barrels per lot: check the spec.
- The US inventory report usually lands on Wednesday, 19:30 UAE time in US winter.
Oil sits at the centre of Gulf economies, so it is no surprise that crude is one of the first commodities Gulf traders look at. On a platform it usually appears twice: WTI (often USOIL or XTIUSD) and Brent (often UKOIL or XBRUSD). They are two benchmarks for the same global market, and the differences between them matter when you trade either.
Two benchmarks, side by side
| WTI | Brent | |
|---|---|---|
| Full name | West Texas Intermediate | Brent (North Sea blend) |
| Where it is priced | US crude, delivered at Cushing, Oklahoma | Waterborne crude from the North Sea |
| Main futures exchange | NYMEX (CME Group) | ICE Futures Europe |
| Standard futures contract | 1,000 barrels | 1,000 barrels |
| Settlement | Physical delivery | Cash settled |
| Most sensitive to | US supply, US storage, the weekly US inventory report | Global supply, Middle East and OPEC+ news, shipping |
Brent has usually traded a few dollars above WTI in recent years, though the gap changes with shipping costs and regional supply. Many Middle East crudes are priced against other benchmarks, such as Dubai and Oman, but WTI and Brent are the ones most CFD platforms list.
What one dollar of oil is worth on your platform
On the futures exchange, a $1 move in one 1,000-barrel contract is worth $1,000. On CFDs, the lot size is set by the broker: 100 barrels per lot and 1,000 barrels per lot are both common, and some brokers use other sizes. The specification window of the symbol shows the contract size; a small demo trade confirms it.
Worked example. A trader risks $40 on a trade with a stop $0.80 away.
| Contract size (1.0 lot) | Value of a $1 move per lot | Lot |
|---|---|---|
| 100 barrels | $100 | $40 ÷ ($0.80 × 100) = 0.50 |
| 1,000 barrels | $1,000 | $40 ÷ ($0.80 × 1,000) = 0.05 |
Illustrative calculation, not an expectation of results. The same plan gives a lot ten times smaller on the larger contract. The lot size calculator and the pip value calculator do this for any size.
The weekly calendar of an oil trader
- Tuesday, 16:30 New York time: an industry estimate of US inventories (API), about 01:30 Wednesday in the UAE during US winter.
- Wednesday, 10:30 New York time: the official US weekly petroleum report (EIA), about 19:30 UAE time in US winter and 18:30 in US summer. It often moves WTI within seconds, and holidays can shift it.
- OPEC+ meetings: decisions on output can move both benchmarks sharply, sometimes over a weekend, which can create a gap at the Monday open.
- US data and the dollar: oil is priced in dollars, so the same releases that move US indices can also move crude.
Rollover and the April 2020 lesson
Oil CFDs usually follow a futures contract that expires every month. When the broker moves to the next contract, the price on your chart can jump, and most brokers apply a cash adjustment to open positions so the jump itself is not a gain or loss. The dates are published in advance.
Near expiry, futures can behave in ways that look impossible. On 20 April 2020, the expiring May WTI contract settled at minus $37.63 a barrel, because holders who could not take delivery had nowhere to store the oil. It is an extreme case, but it shows why rollover dates belong in an oil plan.
Hours
Oil futures trade almost 23 hours a day, Sunday evening to Friday afternoon New York time, with a daily pause from 17:00 to 18:00 New York time (about 02:00 to 03:00 UAE time in US winter). Activity often rises around the US data and the New York session; see US market hours in Gulf time.
In short
WTI and Brent are two prices for the same market, driven by US storage on one side and global supply on the other. Check the barrels per lot on your platform, size from the stop, mark Wednesday's inventory report and know your rollover dates.
Questions people also ask
Why are WTI and Brent priced differently?
They are different crudes delivered in different places. Brent has usually traded a few dollars higher in recent years, with the gap moving on shipping costs and regional supply.
Can the oil price really go negative?
A futures contract can, as the expiring May 2020 WTI contract did when it settled at minus $37.63 on 20 April 2020. It was an extreme storage squeeze near expiry, not a normal event.
What happens to my oil CFD at rollover?
The broker moves the price to the next futures month, and most apply a cash adjustment so the price jump itself is not a gain or loss. Dates and method are published by the broker.
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