Oil is traded worldwide in different markets. Oil trades can occur wherever a market is open for business and stop when the market closes.
The International Petroleum Exchange (IPE) of London, England, competes in this manner with the New York Mercantile Exchange (NYMEX) of New York City, New York. The United States Energy Information Administration offers regular reports on International Petroleum (oil) stocks to the public, as well as reports on United States Domestic Petroleum Stocks.
Iran has begun to create an oil exchange market based on the Euro. Additional petroleum markets can be found in Singapore and other countries.
Trading in petroleum is affected by the opening and closing of markets and also by consumption of the product. The Petroleum Cycle gives a little more insight into consumption and trading.