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This article is considered accurate for the current version (0.48) of the game.

Unprocessed oil that can be refined into valuable fuel.
In-game description

Crude Oil is a raw resource that can be obtained by fueling an Oil Well. It is refined into Petrol at a ratio of 3 to 1 at a Refinery.

Contrary to what you might think, Crude Oil cannot be transported in a Resource Container, or in a Fuel Tanker, or in Atlas or Loadlugger resources Trucks. The most efficient way to transport Crude Oil is via standard truck (R-1 Hauler or Dunne Transport).