Light Crude Oil

Light crude oil is liquid petroleum that has a low density and flows freely at room temperature. It has a low viscosity, low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions. It generally has a low wax content. Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery. Light crude oil is traded on the CME Globex, CME ClearPort, (CME Group) and Open Outcry (New York) futures exchange venues and is quoted in U.S. dollars and cents per barrel. Its product symbol is “CL” and its contract size is 1,000 barrels (160 m3) with a minimum fluctuation of $0.01 per barrel.
The national government of Nigeria runs and takes part in the petroleum industry of Nigeria through the NNPC corporation.