What is the abbreviation for a barrel of crude oil?

The abbreviation indicates one barrel of crude oil, but you may see Gbbl (one billion barrels), as well as Mbbl (one million barrels) or Kbbl for one thousand barrels. For example, you can see that Brent crude oil spot prices are quoted by the barrel (bbl), as are West Texas Intermediate (WTI) oil prices on global futures exchanges like NYMEX.

What is a barrel of crude oil?

"BARREL" DEFINED: For the purpose of these rules, a "barrel" of crude petroleum is declared to be forty-two (42) gallons of 231 cubic inches per gallon at sixty degrees Fahrenheit (60° F). 4. OIL INVOLVED IN LITIGATION, ETC.

Where can I buy barrels of crude oil?

You can purchase barrels of crude oil fromoil and gas companies, commodity traders, and investment firms that specialize in the trading of energy commodities.