If you have an exceptional trading skills and wants to take chances to become a commodity broker, then becoming an oil trader is something to consider. Read on for the job description of an oil trader.
What is an oil trader?
An oil trader is a commodity broker who buys and sells various commodities which includes coffee, grain, non-ferrous metals, gas and sugar. They are brokers with specializations in buying and selling crude oils.
Duties of an oil trader
- Commodity traders who deal with oils typically sit comfortably and track down market movements in the company and make quick decisions whether to purchase or sell, hence, making a lot of money for their clients. Their decision-making is usually based upon the smallest market movement.
- Typical daily activities of oil traders include monitoring the world market industry and following financial news taken from various agencies like Bloomberg and Reuters. They are responsible in conducting several trades either by phone or via electronics, collecting information regarding oil assets and communicating the most significant trades to some relevant parties and agreeing prices according to relevant products.
- Oil traders communicate and meet with their superiors along with their contracting oil companies to provide them with updates on the regular operations. They adhere to the norms of the environmental and policies of the government so as to maintain an ecological balance. They also manage the take down and set up of rigs, coordinate between various rig crews, assist in transporting and taking service rigs, drillings and service equipments.
Condition of work
Oil traders are usually employed at any investment banks, commodity broker companies and in clearing and exchanges houses. They typically work 40 hours per week or more under a stressful condition. They also make some split second decision that may lead to a lost or profit of millions of dollars.
Qualifications needed in becoming an oil trader include a bachelor’s degree in finance, accounting, business or economics. A suitable way to gain entry-level in this particular job is to work as summer interns that mostly lead to full-time work for successful candidates. Higher positions in trading are achieved if candidates hold a master’s degree in business administration or MBA.
Occupation and Progress
According to United States Bureau of Labor Statistics (BLS), the demand for oil traders is expected to increase by 9% faster than the average careers in United States. Oil traders earn about $85,580 per annum.