One lot of Crude Oil Mini (CRUDEOILM) on MCX is 10 barrels. Its futures price is quoted in rupees per barrel. A ₹1 move changes one lot’s P&L by ₹10 before charges. For example, if you buy one lot and the price rises by ₹100 per barrel, your gross profit is ₹1,000.
Test a Crude Oil Mini strategy before you trade it. Sign up free on AlgoTest to build and test MCX strategies.
Crude Oil Mini Contract Specifications
MCX can revise these specifications, so confirm them in your broker’s app before you trade.
How to Calculate the Value and Margin of 1 Crude Oil Mini Lot
To get the contract value, multiply the price per barrel by 10. Futures traders and option sellers then deposit margin, which is a share of that value.
A standard Crude Oil lot needed ₹2,83,540 that day, about ten times as much. Margin changes with price and volatility, so check the latest figure in the AlgoTest margin calculator. Our MCX margin guide explains how it is set.
Option buyers pay the full premium upfront instead of margin. If an option is held near expiry and may turn into a futures position, the broker can require additional margin before expiry.
Crude Oil Mini vs Crude Oil
Ten Crude Oil Mini lots represent the same 100-barrel quantity as one standard Crude Oil lot.
Crude Oil Mini moves ₹10 for every ₹1 change per barrel, while standard Crude Oil moves ₹100.
Both contracts expire on the same day, both are settled in cash and both have options.
Choose the contract size that fits your risk limit, and check its liquidity and bid-ask spread before you trade. Our position size calculator guide shows how to work out the number of lots.
Want to practise first? Replay a past crude oil session in the AlgoTest Option Simulator, which uses the standard CRUDEOIL contract.
Crude Oil Mini Options
MCX launched options on Crude Oil Mini futures on 23 April 2024. Premiums are quoted per barrel, so a call trading at ₹200 costs ₹200 × 10 = ₹2,000 per lot.
An in-the-money option held to expiry normally turns into a Crude Oil Mini futures position, unless the long holder submits a valid contrary instruction.
Option P&L depends on how the premium changes, so it does not move one-for-one with the futures price.
Our guide on how to read the MCX option chain explains strikes, open interest and implied volatility.
Trading Crude Oil Mini options? Check a position’s payoff, breakeven and maximum loss (where defined) in the AlgoTest Strategy Builder before you place it.
Crude Oil Mini Expiry Dates and Trading Hours
Options expire two business days before their futures. Exercised options become futures positions, and the futures are then settled in cash at a price linked to US NYMEX WTI crude oil.
The current non-agricultural MCX session runs from 9:00 AM to 11:55 PM IST until 12 March 2027. See MCX trading time for later sessions. Your broker’s square-off cutoff can be earlier than the exchange close, so check it too.
Backtest Crude Oil Mini Strategies on AlgoTest
CRUDEOILM is one of the 10 MCX symbols you can trade on AlgoTest, as our guide to MCX commodity trading on AlgoTest explains. MCX access is a paid add-on to your AlgoTest plan.
AlgoTest gives you one of the most detailed backtest reports available to Indian traders. It covers total and year-wise P&L, win rate, risk-reward ratio, maximum drawdown, winning and losing streaks, Monte Carlo analysis, DTE and weekend filters, and downloadable trade logs. Our guide on how to backtest options trading strategies shows the setup with examples.
Backtest a Crude Oil Mini strategy on historical MCX data before you trade it live.
Size Your Crude Oil Trades One Mini Lot at a Time
Decide your entry, exit and the number of lots your risk limit allows. Then test the plan through calm weeks and busy inventory-report evenings before you go live.
AlgoTest helps you move from an idea to a strategy you can inspect and test before deciding whether to deploy.
Join us as we simplify retail trading in India.
Related Reading
FAQs
How much margin is needed for 1 lot of Crude Oil Mini?
On 3 November 2026, one November Crude Oil Mini futures lot needed ₹28,374 (31.25%) at ₹9,079 per barrel. Margin changes daily, so check the current figure before you trade.
What is the tick value of Crude Oil Mini futures and options?
The futures tick is ₹1 per barrel, worth ₹10 per lot. The option premium tick is ₹0.05 per barrel, worth ₹0.50 per lot.
When does Crude Oil Mini expire?
The November 2026 options expire on 17 November and the futures on 19 November. In December, the options expire on 16 December and the futures on 18 December.
Sources: