Oil is sold in what kind of market?

Oil is primarily sold in a global commodity market, characterized by both spot and futures trading. The spot market involves immediate delivery and payment for oil, while the futures market allows traders to buy and sell contracts for oil at predetermined prices for future delivery. This market is influenced by various factors, including supply and demand dynamics, geopolitical events, and economic indicators. Additionally, oil prices are often benchmarked against major indices like Brent Crude and West Texas Intermediate (WTI).