Oil CFDs (WTI Crude and Brent Crude) are popular instruments at both brokers. XM offers both WTI (OIL) and Brent (OILMn) with spreads averaging 4 cents on WTI. Exness provides WTI (USOIL) and Brent (UKOIL) with slightly tighter spreads averaging 3 cents on WTI. Leverage on oil reaches 1:66 at XM and 1:200 at Exness (for small accounts). Oil trading hours are slightly more restricted than forex at both brokers, closing during the daily settlement period. Exness has a marginal edge on oil spreads and significantly higher available leverage, making it the better choice for oil CFD traders.
For the full analysis, see our related comparison.
For the overall picture, check our complete XM vs Exness comparison, which covers regulation, spreads, platforms, and deposits in one place. Also see our beginner's guide if you are just starting out.
Oil Trading Comparison
| Feature | XM | Exness |
|---|---|---|
| WTI Crude (USOIL) | Spread: 4 cents | Spread: 3 cents |
| Brent Crude (UKOIL) | Spread: 4 cents | Spread: 3 cents |
| Natural Gas | Spread: 0.02 | Spread: 0.015 |
| Max leverage (oil) | 1:66 | 1:200 |
| Min lot | 0.01 (1 barrel) | 0.01 (1 barrel) |
| Trading hours | 01:05-23:55 (server) | 01:05-23:55 |
| Swap (oil long) | -$3.50/lot/day | -$2.80/lot/day |
Oil Trading Conditions
Exness offers tighter oil spreads (3 cents vs 4 cents) and significantly higher leverage (1:200 vs 1:66). The leverage difference is dramatic for oil traders: with $100 and 1:200 leverage (Exness), you control $20,000 of oil. With 1:66 (XM), the same $100 controls only $6,600. Exness gives you 3x more oil exposure per dollar of margin.
Oil is a volatile commodity — WTI can move $2-5 per day. At 1:200 leverage, a $2 move on 0.10 lot = $20 profit/loss. This is significant on a small account, so use stop-losses religiously on oil trades.
What Drives Oil Prices
- OPEC+ decisions: Production cuts = price up, increases = price down. OPEC meets monthly.
- US inventory data: Weekly EIA report (Wednesday 8:00 PM IST). Surprise drawdowns push price up.
- Geopolitical events: Middle East tensions, Russia-Ukraine, BRICS energy dynamics.
- US Dollar strength: Oil is priced in USD. Strong dollar = lower oil prices and vice versa.
- Seasonality: Summer driving season (May-Sept) and winter heating demand typically support prices.
Verdict: Oil Trading
Winner: Exness. Tighter spreads (25% cheaper), 3x higher leverage (1:200 vs 1:66), and lower swap costs make Exness the clear winner for oil CFD trading. XM is adequate but more expensive on every metric. If oil trading is a significant part of your strategy, choose Exness.
Ready to Start Trading?
Open a free account with either broker and test them yourself.