Oil Broker Job Description

Oil Broker Job Description and Profile

The primary profile of oil brokers is to identify potential buyers and sellers of crude oil. These individuals work like commodities brokers and may choose to buy or sell oil futures on a commodity exchange. The exchange could be an open-outcry trading floor or a digital exchange using the Internet. Some of the oil brokers communicate directly with the oil companies to buy the crude oil for instant deliverance. The basic goal of an oil broker is to bring together the buyers and sellers of crude oil and earning an income from trades that are successfully executed.

Oil Broker Duties and Responsibilities

Marketing of various oil products and the by-products
Acting as a negotiator between the buyers and sellers and assisting in closing the transaction
Arranging and facilitating the buying and selling of oil products
Developing relationships with the various buyers and sellers of crude oil and other oil products
Tracking the market movements, analyzing the trends, and following the financial news
Quick decisions based on the available market information and financial facts and data
Communicating with other personnel, buyers, and sellers

Oil Broker Education, Training, and Qualifications

Most of the individuals who succeed as oil brokers hold a degree in business or finance with a specialization in commodities trading or energy trading. Some potential incumbents procure a degree in economics while others may choose a degree in energy management. Additional training that helps developing an individual’s mathematical skills and analytical abilities is beneficial to becoming an oil broker. Training in being able to communicate in different languages is a big advantage for an oil broker.

Oil Broker Degrees, Courses, and Certification

A bachelor’s degree in engineering or business provides gives an advantage to individuals while qualifying to work as an oil broker. Individuals should find suitable job opportunities with a Financial Industry Regulatory Authority registered company that sponsors the individuals’ applications. Successfully completing the FINRA examination of the Series 3 National Commodities Futures test provides the necessary certification. Individuals holding additional course certification in mathematical and analytical skills have an edge over others in succeeding as oil brokers.

Oil Broker Skills and Specifications

Detailed understanding of the commodities and oil trading market
Analytical skills and mathematical capabilities
Understanding economics and business sectors is imperative
Qualification in energy management is required
Multi lingual abilities is preferred

Oil Broker Salary

The annual salary of an oil broker is on average $100,000.

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