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Wholesale oil petroleum companies might stay alert with the round-the-clock global oil market through a network of offices around the word. Most brokers should be able to provide up the minute information of the current oil markets, associated swaps and derivatives. Brokers may be virtually aware of the oil group that is involved in North American crude markets, Persian Gulf and Far East crude. These grades make up the main average which most of the world's oil production may have been priced. Brokers might offer clients current market quotes on outright pricing. They might also offer spread levels between crude grades and forward markets. Most wholesale oil petroleum use the New York Mercantile Exchange and the International Petroleum Exchange. Brokers tend to have a wide range of customers include major oil companies, independent refiners and producers, shipping companies, government agencies, trading houses, banks and investment funds. Most common transactions used by wholesale oil petroleum might be cash and a variety of price-hedging programs.
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