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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.

WordPress on Azure Crude Oil – Brent Crude (100BBL) Europe – Dated Commodity CFD

Oil – Brent Crude (100BBL) Europe – Dated Commodity CFD

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Name & Trade Code

Contract Name Oil - Brent Crude (100BBL)
MT5 Code Brent_Oil
Contract Classification Dated Commodity CFD
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Crude
Tenor Period Dated: Next two available tenors
Maximum Forward Tenor Dated: Next two available tenors
Contract Size 100
Contract Unit
Trading Price Quote $/bbl
Price Digits 3
Currency USD
Tick Value 0.1
Tick Size 0.001
Minimum Volume 0.1
Volume Steps [Lots] 0.1
Settlement Dated: Priced by the settlement value as defined by the exchange traded underlying contract
Margins View document

Expiry Trading Overview

Contract Expiry Date The last trading day of the expiring Tenor Period (i.e. 31 March 2025 for Mar 25 Tenor Period)
Last Trading Day (for new open positions) Five working days prior to the Contract Expiry Date for the Tenor Period (i.e. 24 March 2025 for Mar 25 Tenor Period)
Last Trading Day (for closing position in that Tenor Period) The Contract Expiry Date of the relevant Tenor Period

Tenor Period Settlement Valuation Process

Open Volume The net open volume for the expiring Tenor Period
Daily Settlement Value Market-on-Close – The daily settlement assessment time, e.g. 4:30 pm for European contracts
Daily Settlement Volume Each day during Tenor Period, the remaining Open Volume reduces by the equivalent of 1/ (number of pricing days in the Tenor Period, including today if prior to Market-on-Close) and be settled at Daily Settlement Value
Final Settlement Price Dated: Priced by the settlement value as defined by the exchange traded underlying contract
MOC Haircut None Applies

Contract Purpose


This outright contract allows market participants to:

  • Gain direct exposure to the price of Brent crude oil
  • Hedge against price fluctuations in the global oil market
  • Speculate on the future price direction of crude oil internationally

Market Significance

  • Benchmark Status: Serves as the primary global benchmark for crude oil pricing, representing nearly 80% of internationally traded crude oil
  • Global Reference: Used as a key indicator for setting prices of various oil blends and products worldwide
  • Economic Indicator: Provides insights into global economic conditions and market sentiment

Trading Benefits

  • Price Discovery: Offers a transparent mechanism for determining the price of crude oil based on global supply and demand dynamics
  • Risk Management: Allows hedging against price volatility in the oil market, particularly for commercial participants who make up 40-45% of total open interest
  • Market Access: Provides exposure to one of the world’s largest and most liquid commodity futures contracts

This contract is particularly valuable for oil producers, refiners, physical traders, and financial institutions active in the global energy market. It offers a tool for managing price risks and implementing trading strategies related to crude oil, with the advantage of being based on waterborne crude that can be easily transported worldwide. The Brent complex has evolved over time to incorporate new grades and maintain its relevance, ensuring its ongoing utility to oil markets.