Oil traders refer to individuals or companies that buy and sell crude oil, often as a commodity. These traders work in the global market for petroleum products, buying oil from producers such as Saudi Arabia, Russia, and the United States, then selling it to refineries or other end-users. They make their profits by taking advantage of price differences between different regions or times, and by hedging their positions through futures contracts on exchanges like the New York Mercantile Exchange (NYMEX) or Intercontinental Exchange (ICE). Oil traders play a crucial role in ensuring that oil is distributed efficiently to meet global demand.