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

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

The difference between Oil Standard Contract and Oil Mini 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 Mini Contract.

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

Mini Contract - the trading volume is equal to 1 tenth of standard oil 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 Trading Lot. For Standard Contract the pip value is equal to $10.

Mini Contracts - For the Mini Oil Trading Contracts the trading volume is equal to 1 tenth of standard oil lot or one oil trading mini lot. For Mini Contract pip value is equal to $1.