	oil prices said now based on futures price energy futures now set the standard for oil pricing said arnold safer president of the energy futures group inc a consulting firm petroleum futures trading at the new york mercantile exchange literally set spot market prices in the u s he said adding that some oil products sellers now offer contracts based on a daily average of nymex prices he also said that petroleum futures are a major market for oil companies as well as for commodity traders his remarks were made at the national petroleum refiners association reuter 
