With so many applications for which there are few or no substitutes, crude oil is certainly one of the world’s most important commodities. This tutorial outlines the key features of crude oil, its sources of supply and demand, the key participants in the oil market. The process of pricing and trading oil, and hedging oil prices is also described in detail.

On completion of this tutorial, you will be able to:

- Recognize the key features of crude oil and the main steps in oil refining
- List the sources of supply and demand for crude oil and refined products
- Identify the main participants in the crude oil market
- Recognize the fundamentals of crude oil pricing and the process of trading and hedging in the crude oil market

Topic 1: Oil & Oil Products
Topic 2: Oil Supply & Demand
Topic 3: Industry Structure
Topic 4: Pricing & Risk Management