Purchasing options

There are several ways to purchase oil as a commodity, including:
 

1. Futures contracts: Futures contracts allow buyers to purchase oil at a set price on a future date. This is often used by traders and investors to speculate on the future price of oil.

2. Spot purchases: Spot purchases involve buying oil at the current market price, often for immediate delivery. This is typically used by companies that need oil for their operations.

3. Options contracts: Options contracts give buyers the right, but not the obligation, to buy or sell oil at a certain price on a future date. This is often used as a hedging strategy to protect against price fluctuations.

4. Physical purchases: Physical purchases involve buying and taking possession of the actual oil. This is typically done by refineries or other companies that use oil as a raw material.