Contract are standardized except for the price, which is discovered via the supply (offers) and the demand (bids). This price discovery process occurs through an exchange’s electronic trading system or by open auction on the trading floor of a regulated commodity exchange.
FYI Crude Oil WTI
Others Futures like CBOT Corn, Wheat, Soya, Soya Oil, Soya meal you can see in separate articles.
FOREX EUR-USD 19/02/2023
All contracts are ultimately settled either through liquidation by an offsetting transaction (a purchase after an initial sale or a sale after an initial purchase) or by delivery of the actual physical commodity.
An offsetting transaction is the more frequently used method to settle a futures contract. Delivery usually occurs in less than 2 percent of all agricultural contracts traded.