Brent crude CFDs are sized in barrels, not pips, and the contract is large. At 1,000 barrels per lot, the default in Fips's pip engine and a common broker specification, a $1.00 move in the price is $1,000 per lot and a one-cent move is $10. Brent is quoted in US dollars, so a dollar account needs no conversion. This calculator uses oil's own contract arithmetic: enter your balance, risk and stop in cents and it returns the lot size that keeps one loss where you want it.
UKOIL (Brent) contract facts
| Item | Value |
|---|---|
| Underlying | Brent crude; CFDs track an ICE Brent futures contract |
| Quote currency | USD |
| Standard lot | 1,000 barrels (broker-dependent; check "Contract size" in MT5) |
| Micro lot (0.01) | 10 barrels |
| Price move of $0.01 ("pip" on this page), 1 lot | $10 |
| Price move of $0.10, 1 lot | $100 |
| Price move of $1.00, 1 lot | $1,000 |
| MT5 point | $0.001 on a three-decimal quote; $0.01 on a two-decimal quote |
This page treats one cent as a pip, so a "40-pip" stop is a $0.40 stop. If your broker quotes Brent to three decimals, MT5 counts that same stop as 400 points. Brokers also list Brent under other tickers, such as BRENT or BCOUSD, and the contract size can differ; read it in the symbol specification and enter it in the calculator's contract size field if it is not 1,000.
The lot size formula for Brent
Lot size = (Account balance × Risk %) ÷ (Stop in $ × $1,000 per lot)In the calculator's units: (Balance × Risk %) ÷ (Stop in cents × $10). The complete lot size guide shows the same formula on forex pairs, gold and indices, and how much a lot is in forex explains why a lot means different things on different symbols. Lot sizes are rounded down to 0.01, as the calculator does.
Example 1 — $10,000 account, 1% risk, $0.40 stop (40 pips):
- Risk amount: $100
- Loss per lot: $0.40 × $1,000 = $400
- Lot size: 0.25 lots (250 barrels)
Example 2 — $5,000 account, 1% risk, $0.80 stop:
- Risk amount: $50
- Loss per lot: $800
- Lot size: 0.0625, rounded down to 0.06 lots (60 barrels)
Example 3 — $100,000 prop-firm account, 0.5% risk, $0.50 stop:
- Risk amount: $500
- Loss per lot: $500
- Lot size: 1.00 lot
On a funded account the daily loss limit applies to all open risk; prop firm daily drawdown explains how firms measure it and prop firm rules compares the limits.
Example 4 — €10,000 account, 1% risk, $0.40 stop, EUR/USD 1.0800 (assumed):
- Risk amount: €100
- Loss per lot: $400 ÷ 1.08 = €370.37
- Lot size: 0.27 lots
The rate is an assumption for the example, not a quote. On a non-dollar account the calculator converts with the latest ECB reference rate and shows its date under the result. The pip value calculator gives the value per pip and per $1.00 move for any lot size.
Quick reference: Brent lot size at 1% risk (1,000 barrels per lot)
| Account | $0.25 stop | $0.40 stop | $0.60 stop | $1.00 stop | $2.00 stop |
|---|---|---|---|---|---|
| $2,000 | 0.08 | 0.05 | 0.03 | 0.02 | 0.01 |
| $5,000 | 0.20 | 0.12 | 0.08 | 0.05 | 0.02 |
| $10,000 | 0.40 | 0.25 | 0.16 | 0.10 | 0.05 |
| $50,000 | 2.00 | 1.25 | 0.83 | 0.50 | 0.25 |
| $100,000 | 4.00 | 2.50 | 1.66 | 1.00 | 0.50 |
For 0.5% risk, roughly halve each figure; for 2%, roughly double it. If your broker's contract is 100 barrels, multiply by ten.
What makes Brent different
- It is the other benchmark. Brent and WTI (USOIL) are separate crude benchmarks with the same CFD arithmetic: 1,000 barrels per lot in the common specification, $10 per cent. Their prices differ, and the gap between them moves.
- Scheduled data moves it every week. US inventory reports move both benchmarks, and OPEC+ meetings and supply headlines can gap oil over a session or a weekend. A stop that is tight relative to those events is not a real stop.
- CFDs roll. A Brent CFD follows a futures contract and moves to the next one before expiry. The roll adjusts the price of open positions; it is not a trading gain or loss, but it can trigger a stop placed too close. Brent and WTI futures expire on different schedules, so their rolls do not line up.
- The contract is large for small accounts. At 1,000 barrels, even 0.01 lot is 10 barrels, $0.10 per cent. On a small account with a wide stop, the minimum lot can already exceed the risk you set.
- It overlaps with USOIL. A long UKOIL and a long USOIL are mostly one position. So, to a degree, is a short USD/CAD, because the Canadian dollar tends to move with oil.
Common Brent sizing mistakes
- Confusing cents and dollars. A "50-pip" stop is $0.50. Entering 50 when you meant $5.00 produces a position ten times too large.
- Using forex lot sizes. 0.5 lots of EUR/USD on a 20-pip stop risks $100. 0.5 lots of Brent on a $0.40 stop risks $200.
- Not checking the contract size. A 100-barrel contract and a 1,000-barrel contract differ by a factor of ten for the same lot size.
- Ignoring the spread. On a tight stop the spread is a large share of the distance; add it before sizing.
- Treating Brent and WTI as two trades. Positions in both, in the same direction, add up.
Track your Brent trades in Fips
The calculator on this page is free and needs no account. Fips, the trading journal it belongs to, is in private beta with access by waitlist. In the trading journal, MT4 and MT5 accounts sync through the read-only investor password and cTrader through view-only access; other platforms come in by CSV import or manual entry, and Fips never asks for your login password. Logging oil trades with their planned and actual loss shows how much inventory days and weekend gaps add to your real risk.
Frequently asked questions
How much is 1 pip on UKOIL?
On a two-decimal quote a pip is a one-cent move, worth $10 per lot of 1,000 barrels. A $1.00 move is $1,000 per lot.
What lot size should I use on a $10,000 Brent account?
At 1% risk and a $0.40 stop, 0.25 lots. At a $1.00 stop, 0.10 lots. At a $2.00 stop, 0.05 lots.
Is Brent sized the same way as WTI?
Yes, when both contracts are 1,000 barrels per lot: $10 per cent and $1,000 per $1.00 on either. Only the price level, the spread and the roll dates differ.
Do I need an exchange rate for UKOIL?
Not on a dollar account, because Brent is quoted in dollars. On any other account currency the calculator converts with the latest ECB reference rate, or asks you to enter one if it cannot be loaded.