Why is crude oil considered a commodity?
A) It is standardized, is worth money, and is mass-produced by several companies.
B) Oil is a necessity for heating, refining into gasoline, and lubricating machines.
C) Many plastics and even some shampoos are made from elements of crude oil.
D) Many modes of transportation rely on oil for fuel and in their transmissions.

Question

Quizplus · Accepted Answer

Crude oil is considered a commodity because it is standardized, has monetary value, and is produced on a large scale by various companies, making it a tradable item in financial markets.

Why Is Crude Oil Considered a Commodity