1 Barrel = 42 Gallons Oil (WTI) Price Per 1 Gallon 1.88 USD 1 Barrel ... For the purposes of trading on futures exchanges in London or New York, however, reference oils are used.
1,000 barrels of oil are generally included in a futures contract, with each barrel containing 55 gallons of oil. Most price speculators don’t have space to store 55,000 gallons of oil and ...