What's Difference Between Oil Standard Contract and Micro Contract?

What's Difference Between Oil Standard Contract and Micro Contract in Oil Trading?

The difference between Oil Standard Contract and Oil Micro Contract is the trading volume of the oil trading transaction that is opened using the Standard Contract and that which is opened using Oil Trading Micro Contract.

Standard Contract - the trading volume is equal to 1 oil trading lot

Micro Contract - the trading volume is equivalent to one hundredth of the standard oil trading lot

Standard Contracts - for Standard Oil Trading Contracts the trading volume is equal to 1 oil lot is also referred to as 1 Standard lot or 1 Oil Lot. For Standard Contract the pip value is equal to $10.

Micro Contracts - For the Micro Oil Trading Contracts the trading volume is equivalent to one hundredth of the standard oil lot is referred to as one Micro lot or one oil trading Micro lot. For Micro Contract the pip value is equivalent to $0.1 or 10 Cents.