Crude oil markets refer to the global markets for buying and selling crude oil. Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is a non-renewable resource, meaning that it cannot be replaced once it is used up. Crude oil is used to produce a variety of products, including gasoline, diesel, jet fuel, heating oil, and lubricants. Crude oil is traded on the world's major commodity exchanges, such as the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE).