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What do you mean ""the exchanges don't and shouldn't get involved in measurement standards"" ??? Of course it's not up to an exchange to DEFINE a standard, but since the NYMEX defines so many technical aspects of oil trade (when it's traded, where it's delivered, quality aspects (sulphur), etc) it's strange that they don't define the quantum or unit of trade in terms of STANDARD UNITS - such as by weight (lbs or kg), or by volume (cubic feet, yards or meters or gallons or liters).  It's a CONTRACT, after all, and a good contract leaves NOTHING unexplained or uncertain.

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