Oil Trader Job Description and Profile
Oil traders are individuals whose job profile is similar to the other types of commodity brokers who buy and sell various commodities. The oil traders are individuals who specialize in the trading of crude oil. The individuals will keep a track on the market movement to take quick trading decisions to earn money for their clients. The oil traders are constantly updated with the financial news discussed on Bloomberg and Reuters. The oil traders execute the buying and selling of crude oil either through an electronic exchange or with a telephonic conversation. Communicating with other individuals, such as buyers, sellers, and other traders is an important part of the oil traders’ job description.
Oil Trader Duties and Responsibilities
- Tracking the market movements to make money-making decisions for clients
- Collection of important information related to the oil assets
- Updating the seniors and clients on the daily trades executed by them
- Executing buying and selling activities either electronically or by being personally present on the trading floor of a commodity exchange
- Bringing the potential buyers and sellers together
Oil Trader Education, Training, and Qualifications
A bachelor’s degree with a focus on business, accounting, finance, or economics is the basic educational qualification of an oil trader. An excellent technique to gain on-the-job training is to procure a summer internship, which may assist individuals in securing a full-time opportunity. Additional benefits are provided by employers to individuals who possess a master’s degree in business administration. Getting training and qualifications in the oil industry and on the oil-producing geographical locations is advantageous.
Oil Trader Degrees, Courses, and Certification
The oil traders require holding a valid bachelor’s degree focusing on any discipline. These include accounting, economics, finance, and business. Procuring a certification of being a qualified oil trader broker on one of the numerous commodity exchanges highly improves the types and number of oil trader opportunities being available to individuals. To enjoy further benefits, such as higher salaries, greater signing bonus, and being promoted, individuals are advised to complete a master’s in business administration degree.
Oil Trader Skills and Specifications
- In-depth knowledge of the oil industry
- Monitoring the changes in the various markets across the globe
- Quick decision-making capabilities
- Willingness to work hard and for longer periods daily
- Ability to conduct oil trades using an electronic exchange or on the trade floor
Oil Trader Salary
The estimated salaries payable to oil traders is roughly $87000 per year.