crude oil

crude oil definition - finance
The raw material refined into gasoline, heating oil, propane, petrochemicals, jet fuel, and other products. A mixture of hydrocarbons, crude oil exists as a liquid underground and remains a liquid in the atmosphere after going through separating processes. Crude oil futures trade on the New York Mercantile Exchange as well as other futures exchanges throughout the world.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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