Oil futures are a type of financial contract that allows investors to buy or sell oil at a set price on a future date. This can be a useful way to hedge against the risk of oil price fluctuations or to speculate on the future price of oil.
Oil futures are traded on exchanges, such as the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE). To buy oil futures, you need to open an account with a futures broker. Once you have an account, you can place an order to buy a certain number of contracts at a certain price.