Which broker offers the tightest oil spreads?
Verdict
- No firm in our research publishes an oil spread we could verify, so we can't name the tightest; Pepperstone is our pick for oil because its cost model is transparent, with no commission on Standard CFDs (outside shares) or spread bets, and published execution data.
- Pepperstone says it executes from 50 milliseconds with a 99.32% fill rate and no dealer intervention (its own figures for January to March 2026), which matters in fast oil markets.
- For a fair test, compare the same benchmark (Brent or WTI), the same contract type and the same moment across firms.
- Capital.com, IG and CMC Markets offer guaranteed stops on volatile markets like oil; Pepperstone doesn't.
Spread claims on oil are easy to make and hard to check: none of the UK firms in our fact pack publishes one. Rather than repeat marketing, this page explains what the three kinds of spread figure mean, how to run a fair test in a few minutes, and why Pepperstone remains our choice while you do.
Why Pepperstone is our oil pick without a published spread
Pepperstone Limited (FCA 684312) includes energies in a 40-market commodity range, and its tables name both benchmarks, WTOIL and BRENTOIL. Its pricing is built so you can see the cost on screen: no commission on spread bets or on the Standard CFD outside shares, and an overnight fee only after 10 pm UK time. It also publishes execution data, from 50 milliseconds with a 99.32% fill rate, which it says involves no dealer intervention. Those are Pepperstone's own figures, not an independent test, but no other firm in our fact pack publishes anything comparable.
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Minimum, average and live: three different spreads
A 'from' or minimum figure is the best case in the busiest conditions. An average is what you'd typically pay. The live spread is what you pay on this trade. Pepperstone publishes the first two for gold but neither for oil:
| Figure | Spot gold (Razor) | Oil |
|---|---|---|
| Minimum | 0.08 | Not published |
| Average | 0.12 | Not published |
| Live | In the platform | In the platform |
A fair oil spread test
- Pick one benchmark, Brent or WTI, and one contract type; cash, futures-based and perpetual contracts are priced differently.
- Open each firm's platform, or demo, side by side.
- Record the bid-ask gap at the same minute, several times, including around a busy US session.
- Convert to money: spread × barrels traded, or spread in points × stake on a spread bet.
- Add commission on both sides, if the account charges it, and the overnight fee if you'll hold.
What else makes an oil trade cheap or expensive
- Slippage: the fill price on fast news matters as much as the quoted spread.
- Margin: UK retail leverage on oil is 1:10 at Pepperstone and Capital.com, so £10,000 of exposure needs £1,000.
- Gap protection: Capital.com (FCA 793714), IG and CMC Markets sell guaranteed stops; Pepperstone's stops can't be guaranteed.
- Currency: a CFD settles in dollars and is converted, while a spread bet is staked in pounds per point.
Sources
Does any UK broker publish an average oil spread?
None of the FCA-regulated firms in our fact pack does on the pages we verified.
Are Pepperstone's oil perpetuals cheaper to trade?
We have no published spread for them. In the UK, Pepperstone's WTOIL-PERP and BRENTOIL-PERP are for Professional clients only.
Is Razor or Standard better for oil at Pepperstone?
Pepperstone's UK page states Razor commission for FX and gold, not oil. Standard charges no commission outside shares, so compare the live spreads on both.
Oil CFDs and spread bets are leveraged, volatile and carry a high risk of rapid losses. Make sure you understand them and can afford the risk. We are not giving investment advice; execution figures are Pepperstone's own.