West Texas Intermediate

grade of crude oil used as a benchmark in oil pricing

West Texas intermediate (WTI), also known as Texas light sweet, is a grade of oil used as a benchmark in oil pricing. This grade is described as light crude oil because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of New York Mercantile Exchange's oil futures contracts.

Spot price of West Texas intermediate in relation to the price of Brent crude

The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea.[1]

NotesEdit

  1. Marius Vassiliou (2009). Historical Dictionary of the Petroleum Industry. Lanham, MD: Scarecrow Press. ISBN 0-8108-5993-9.