Crude oil CFDs are sized in barrels, not pips, and the contract is large: one lot of USOIL is 1,000 barrels, so a $1.00 move is $1,000 per lot and a one-cent move is $10. Oil also moves $1.50–3.00 on an ordinary day and far more on inventory or OPEC surprises. This calculator uses oil's own contract maths — enter your balance, risk and stop in cents and it returns the lot size that keeps one loss where you want it.
USOIL (WTI) contract facts
| Item | Value |
|---|---|
| Standard lot | 1,000 barrels |
| 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 |
| Typical spread | $0.03–0.05 on ECN accounts |
| Typical daily range | roughly $1.50–3.00; more on inventory and OPEC days |
| Most liquid hours | New York session (roughly 13:00–20:00 UTC), when the NYMEX pit is active |
Most brokers quote WTI to two decimals and treat the last digit — one cent — as a pip. That is the convention this calculator uses: a "150-pip" stop is a $1.50 stop. Brent (UKOIL) has the same contract size and arithmetic.
The lot size formula for oil
Lot size = (Account balance × Risk %) ÷ (Stop in $ × $1,000 per lot)In the calculator's units: (Balance × Risk %) ÷ (Stop in cents × $10).
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: 0.06 lots
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
Quick reference: oil lot size at 1% risk
| 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 | 0.13 | 0.08 | 0.05 | 0.03 |
| $10,000 | 0.40 | 0.25 | 0.17 | 0.10 | 0.05 |
| $50,000 | 2.00 | 1.25 | 0.83 | 0.50 | 0.25 |
| $100,000 | 4.00 | 2.50 | 1.67 | 1.00 | 0.50 |
Halve for 0.5% risk; double for 2%.
What makes oil different
- Scheduled inventory data moves it every week. The API report on Tuesday evening and the EIA report on Wednesday (14:30 UTC in winter, 15:30 in summer) produce $1–2 moves within seconds. A $0.30 stop through the EIA release is not a stop.
- OPEC+ meetings and geopolitical headlines gap it. Production decisions and supply disruptions move oil $3–8 in a session and open Monday with gaps. Weekend positions need to be sized for the gap.
- The range is a large share of price. $2 on $75 oil is 2.7% — comparable to a volatile equity index, not a forex pair. Stops of $0.40–1.00 are normal for intraday trading.
- CFDs roll. Oil CFDs track futures contracts and roll monthly; the roll produces a price adjustment on your position. It is not a real gain or loss, but it can trigger a stop placed too close.
- USD/CAD moves with it. Falling oil tends to push USD/CAD higher. A short oil and a long USD/CAD is one bet at double size.
Common oil sizing mistakes
- Using forex lot sizes. 0.5 lots of EUR/USD on a 20-pip stop risks $100. 0.5 lots of oil on a $0.40 stop risks $200, and the stop is far more likely to be hit.
- Stops inside the inventory-day range. Wednesday afternoons are not the time for a $0.20 stop.
- Ignoring the spread. $0.04 on a $0.40 stop is 10% of the distance; add it before sizing.
- 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.
- Averaging into a supply-driven move. Oil trends on supply news for days; doubling a losing short into an OPEC cut is how accounts end.
Track your oil trades in Fips
Fips's free trading journal records every oil trade with its dollar result, R-multiple and session, so you can separate your inventory-day results from your normal-day results and see which stops are getting run. Connect an MT4, MT5 or cTrader account and trades import automatically. The economic calendar lists the EIA and API releases in your local time, and the backtesting tools let you check a setup's worst losing streak on historical oil data before you size it live.
Frequently asked questions
How much is 1 pip on USOIL?
On a two-decimal quote a pip is a one-cent move, worth $10 per lot (1,000 barrels). A $1.00 move is $1,000 per lot.
What lot size should I use on a $10,000 oil 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.
What is a reasonable stop loss on crude oil?
Intraday setups commonly use $0.40–1.00, 4-hour setups $1.50–3.00, daily setups $3–6. Widen it on inventory days or stay out.
Is Brent sized the same way?
Yes. UKOIL is also 1,000 barrels per lot with the same cent-per-pip arithmetic; only the price level and the spread differ.