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. MT4 and MT5 accounts sync automatically with the read-only investor password or the Fips connector on your computer; read-only API connections for cTrader, Interactive Brokers and major crypto exchanges are coming soon, and other platforms come in by CSV import (re-upload to keep it current) or manual entry. 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.