Commodities hold significant global importance; oil, one of the largest and most recognized, serves as raw material for various types of fuels etc. As a result, they are priced based on supply and demand; the primary reference for price determination is the Chicago Mercantile Exchange, where commodity trading is concentrated. There is no differentiation in commodity prices among producers, except for export costs, logistics, port fees, and export premiums – but climatic, political, and economic events can impact the price of specific producers. This facilitates global trade and ensures no differentiation between the same type of product – it must be the same and meet quality standards. However, when commodity prices fluctuate, they can significantly impact the economies of different countries – a prime example being the recent decline in oil prices in the United States.