What are the oil trading hours?
Oil trades 23 hours a day, five days a week. The market opens at 23:00 UTC (18:00 EST) on Sunday and closes at 22:00 UTC (17:00 EST) on Friday, with a one-hour daily break from 22:00 to 23:00 UTC (17:00 to 18:00 EST).
Oil does not trade on weekends. Outside of the daily break, the market runs continuously across four regional sessions: Sydney, Tokyo, London, and New York.
The table below shows the full weekly schedule of oil trading:
All times are UTC. EST is UTC-5 and applies from November to March. From March to November, US traders should add one hour to EST times to account for EDT (UTC-4).
On the futures side, NYMEX WTI opens at 23:00 UTC on Sunday and ICE Brent opens at 01:00 UTC on Monday. For traders accessing oil through a broker, both WTI and Brent follow the same spot oil schedule above.
Each session hands over to the next with periods of overlap. These overlaps are the highest-liquidity windows of the trading day.
When is the best time to trade oil?
The best time to trade oil falls within 4 time windows, ordered from highest to lowest activity:
London-New York overlap
London session
New York session (post-overlap)
Asian session (Sydney, Tokyo)
The ranking is based on liquidity in the oil market. High liquidity produces tighter spreads, faster order execution, and more consistent price movements. These conditions reduce trading costs and lower the risk of slippage on entry and exit.
Liquidity in the oil market is not evenly distributed across the trading day. It concentrates around the opening and closing of major financial centres, and peaks when two sessions run simultaneously.
Each window carries a different liquidity profile, spread behaviour, and set of price drivers.
1. London-New York overlap
The London-New York overlap runs from 13:00 to 17:00 UTC (08:00 to 12:00 EST). It is the four-hour window where the London and New York sessions run simultaneously.
This is the highest-liquidity window of the oil trading day for 2 reasons.
London is the home of ICE Futures Europe, where Brent crude futures trade. Brent is the global benchmark used to price approximately two-thirds of the world's crude oil contracts.
New York houses NYMEX, the primary exchange for WTI crude oil futures and the most liquid oil futures contract in the world.
When both exchanges are active simultaneously, institutional order flow from both benchmarks converges, pushing volume to its daily peak.
Spreads on WTI and Brent are at their tightest during this window. Tighter spreads mean lower entry and exit costs on every trade.
The EIA Weekly Petroleum Status Report is released at 15:30 UTC (10:30 EST) every Wednesday, falling in the middle of this overlap. The EIA report tracks US crude oil inventories, refinery inputs, and product supply. Inventory changes that deviate from consensus forecasts produce the sharpest short-term price moves of the week in both WTI and Brent.
US economic data releases at 13:30 UTC (08:30 EST), including NFP, CPI, and FOMC statements, fall at the start of this window. These releases affect USD strength, and oil is priced in USD. A stronger dollar pressures oil prices lower. A weaker dollar supports higher prices.
2. London session
The London session runs from 08:00 to 17:00 UTC (03:00 to 12:00 EST). It is the longest major session of the oil trading day and includes the London-New York overlap in its second half.
The London session produces the second-highest liquidity window for oil traders. ICE Futures Europe is the home exchange for Brent crude, and institutional participation in Brent futures is high from the moment the session opens. Brent's role as the global pricing benchmark means London session activity directly influences how oil is priced across Europe, Africa, and the Middle East.
European economic data releases between 08:00 and 10:00 UTC (03:00 and 05:00 EST) can move oil when they shift growth expectations. GDP figures, manufacturing PMI, and industrial production data affect demand forecasts for crude. Oil also reacts to EUR/USD moves triggered by European data, because a shift in USD strength reprices USD-denominated commodities including oil.
Spreads during the London session are tighter than the New York post-overlap and Asian sessions, but widen slightly compared to the overlap window when NYMEX volume enters the market.
3. New York session (post-overlap)
The New York session runs from 13:00 to 22:00 UTC (08:00 to 17:00 EST). The first four hours overlap with London, making 13:00 to 17:00 UTC (08:00 to 12:00 EST) the highest-activity window of the trading day. The New York session on its own refers to the post-overlap period from 17:00 to 22:00 UTC (12:00 to 17:00 EST).
Once London closes at 17:00 UTC (12:00 EST), liquidity drops noticeably. ICE Brent institutional activity exits the market, and volume shifts to NYMEX WTI futures alone. Spreads widen relative to the overlap and London session.
NYMEX WTI futures remain the primary price driver during this window. Futures traders, hedgers, and US institutional participants continue to move oil through the afternoon session, but price movements are less sustained than during the overlap.
The API Weekly Statistical Bulletin is released every Tuesday at approximately 21:30 UTC (16:30 EST), falling near the end of this window. The API report covers the same inventory categories as the EIA report but is released 18 hours earlier. It acts as a leading indicator for the Wednesday EIA number. The API release lands when liquidity is moderate, meaning inventory surprises can produce proportionally larger price moves than they would during peak hours.
US economic data released earlier in the day at 13:30 UTC (08:30 EST) may still be driving positioning through the post-overlap window. Outside of scheduled events, price action is thinner and directional moves are shorter in duration.
4. Asian session (Sydney, Tokyo)
The Asian session runs from 22:00 to 08:00 UTC (17:00 to 03:00 EST), covering two primary regional markets. Sydney opens at 22:00 UTC (17:00 EST) and Tokyo at 00:00 UTC (19:00 EST).
This is the lowest-liquidity window for oil overall. No major oil futures exchange is based in this time zone, which limits institutional order flow compared to the London and New York sessions.
The session is not uniformly quiet. Chinese economic data releases, including manufacturing PMI, trade balance figures, and monthly crude import volumes, can move oil prices when they signal shifts in demand. China is the world's largest crude oil importer, and data indicating stronger or weaker import activity feeds through to both WTI and Brent pricing. These releases are sporadic, not daily.
The period from 22:00 to 01:00 UTC (17:00 to 20:00 EST) is the thinnest stretch of the entire trading day. Volume is minimal, spreads on oil are at their widest, and sustained directional moves are uncommon. This window is suitable for managing open positions, not opening new ones.
Spreads remain wider than the London and New York sessions throughout the Asian window. Traders active during this session should account for higher transaction costs on every trade.
What economic events affect oil trading?
Five categories of economic events move oil price significantly, regardless of which session they fall in:
EIA Weekly Petroleum Status Report
API Weekly Statistical Bulletin
OPEC+ production decisions
Baker Hughes US rig count
Geopolitical supply disruptions
1. EIA Weekly Petroleum Status Report
The EIA Weekly Petroleum Status Report is the single most important recurring data release for oil traders. It is released every Wednesday at 15:30 UTC (10:30 EST) by the US Energy Information Administration.
The report tracks US crude oil inventories, refinery utilisation rates, and product supply figures. Inventory builds signal excess supply and pressure prices lower. Inventory draws signal tightening supply and push prices higher. Deviations from consensus forecasts produce the sharpest short-term moves of the week in both WTI and Brent.
2. API Weekly Statistical Bulletin
The API Weekly Statistical Bulletin is released every Tuesday at approximately 21:30 UTC (16:30 EST) by the American Petroleum Institute. It covers the same inventory categories as the EIA report but is published 18 hours earlier, making it a leading indicator for the Wednesday EIA number.
The API release falls in the post-overlap New York session when liquidity is moderate. Inventory surprises in the API data can produce proportionally larger price moves than they would during peak-liquidity hours.
3. OPEC+ production decisions
OPEC+ meetings and production quota announcements are the highest-impact supply-side catalyst for oil prices. OPEC+ members produced 35.7 million barrels per day in 2024, accounting for 47% of global crude oil production.
Saudi Arabia is the largest producer within OPEC, supplying 9.0 million barrels per day in 2024.
Russia is the largest producer among the non-OPEC members of the OPEC+ group, averaging 9.2 million barrels per day over the same period.
Production cuts reduce global supply and push prices higher. Production increases have the opposite effect. Meeting schedules are published in advance, but unscheduled statements from OPEC+ members or delegates can move oil at any time during any session.
4. Baker Hughes US rig count
The Baker Hughes North American rig count is released every Friday at 18:00 UTC (13:00 EST). It tracks the number of active oil and gas drilling rigs in the United States.
A rising rig count signals increasing future US crude production, which can pressure WTI prices. A declining count signals reduced future supply and supports prices. The impact is moderate compared to EIA data and OPEC+ decisions, but it is the most consistent weekly supply-side indicator from the US.
5. Geopolitical supply disruptions
Wars, sanctions, and infrastructure disruptions in oil-producing regions drive price spikes by removing supply from the market. These 3 geographic zones carry the highest geopolitical risk for oil:
The Middle East, which accounts for 40% of global crude oil exports and provided around 30% of global oil production in 2024. Saudi Arabia, Iraq, the UAE, and Kuwait are the primary exporting nations in the region.
Russia, which produced 9.2 million barrels per day of crude oil in 2024 and is the largest crude oil producer among the non-OPEC members of the OPEC+ alliance. International sanctions on Russian energy have reshaped global trade flows since 2022.
Key shipping chokepoints, led by the Strait of Hormuz and the Suez Canal. Oil flow through the Strait of Hormuz averaged 20 million barrels per day in 2024, equivalent to about 20% of global petroleum liquids consumption. The Suez Canal and SUMED Pipeline transported about 4.9 million barrels per day. Disruption at either chokepoint removes supply from the market faster than alternative routes can compensate.
These events are unscheduled and can produce significant oil price moves during any session, including the Asian session where liquidity is low and resistance to sharp moves is minimal.
All five categories share one common effect: they concentrate volume and volatility around a specific timestamp or event, temporarily overriding the session-based liquidity patterns described above. Oil traders should check the economic calendar before opening positions, particularly during lower-liquidity sessions where a data release or headline can move prices sharply with less resistance.
Which days of the week are best for trading oil?
Wednesday and Thursday are the best days of the week to trade oil. The breakdown below covers what drives activity on each trading day.
Oil trading on Monday
Monday is the lowest-volume day of the trading week.
Institutional traders re-enter the market after the weekend and spend the early session assessing any geopolitical or macroeconomic developments that occurred while markets were closed. Price movements are present but lack the sustained directional momentum seen mid-week. Spreads can be slightly wider in the early Monday session before full liquidity returns.
Oil trading on Tuesday
Tuesday is the first day of the week with a major oil-specific data release.
The API Weekly Statistical Bulletin is released at approximately 21:30 UTC (16:30 EST), providing an early read on US crude inventories ahead of the Wednesday EIA report. Volume increases relative to Monday throughout the London and New York sessions as traders position ahead of the API number. The API release itself lands in the post-overlap window, and inventory surprises can produce sharp moves in WTI and Brent in the final hours of the trading day.
Oil trading on Wednesday
Wednesday is the most active day of the trading week for oil.
The EIA Weekly Petroleum Status Report is released at 15:30 UTC (10:30 EST), falling in the middle of the London-New York overlap. This is the single most impactful recurring weekly event for oil prices. Inventory builds or draws that deviate from consensus forecasts produce sharp directional moves in both WTI and Brent within minutes of publication.
Wednesday is consistently high-activity for oil because the EIA report is weekly. The data release aligns with the highest-liquidity window of the trading day, concentrating volume and volatility into a predictable timestamp.
Oil trading on Thursday
Thursday maintains high activity levels.
US jobless claims data is released weekly at 13:30 UTC (08:30 EST) and produces consistent short-term moves in oil by signalling the health of the US economy. European Central Bank interest rate decisions are scheduled on Thursdays when applicable, affecting EUR/USD sentiment and feeding through to USD-denominated oil pricing. Positioning from the Wednesday EIA release often extends into Thursday as traders adjust to the inventory data.
Oil trading on Friday
Friday activity depends on the scheduled calendar.
The Baker Hughes US rig count is released every Friday at 18:00 UTC (13:00 EST). On the first Friday of each month, Non-Farm Payrolls are released at 13:30 UTC (08:30 EST), affecting USD strength and producing short-term moves in oil.
Outside of NFP Fridays and the rig count release, activity tapers in the latter half of the New York session as traders reduce exposure ahead of the weekend market close at 22:00 UTC (17:00 EST). Liquidity thins noticeably after 20:00 UTC (15:00 EST), and spreads widen as the weekly close approaches.
How do I take advantage of oil trading hours?
Apply these 3 steps to take advantage of the oil trading hours:
Focus on the right window
Start with the London-New York overlap, 13:00 to 17:00 UTC (08:00 to 12:00 EST). This is the highest-liquidity window of the trading day. Tighter spreads and more consistent price movements make it the lowest-cost and most reliable window for executing oil trades. On Wednesdays, this window captures the EIA inventory report at 15:30 UTC, the single most impactful weekly event for oil prices.
Check the economic calendar before trading
EIA releases, API reports, and OPEC+ meeting dates move oil more than any session-based factor. Knowing when these events are scheduled prevents entering a position just before a sharp, unpredictable move.
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