FXCM Group has launched its UKOilSpot and USOilSpot CFD products which will represent the current spot price of West Texas Intermediate and Brent Crude. Customers may leave positions open indefinitely and avoid potentially thin liquidity in the days leading up to contract expiration.
Customers now have a choice. They may trade the current contracts, USOil and UKOil which have monthly expirations as they are based on the front month futures contracts. Alternatively, customers may trade perpetual USOilSpot and UKOilSpot positions which do not expire.
Both UKOilSpot and USOilSpot have the same CFD contract sizing and pip costs as FXCM’s Futures Oil CFDs. The spot products have a daily financing fee for holding positions past 5pm EST, while existing futures products do not.
Brendan Callan, CEO of FXCM, says: “With the collapse of oil prices recently, many traders are thinking twice about which energy product to trade when looking to speculate. With the expansion of our oil offering, FXCM is catering to the increasing demand to trade oil markets, while providing traders with the opportunity to mitigate the risks that are associated with the futures markets.”
