What is an example of a product that is considered to be a commodity?

An example of a product that is considered a commodity is crude oil. It is a basic raw material that is largely undifferentiated, meaning that one barrel of crude oil is largely interchangeable with another, regardless of the producer. As a result, it is traded on global markets, and its price is determined by supply and demand dynamics rather than branding or unique features. Other examples of commodities include wheat, gold, and copper.