West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. The price of WTI is often referenced in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai Crude and the OPEC Reference Basket. WTI is lighter and sweeter than Brent, and considerably lighter and sweeter than Dubai.
Read more about West Texas Intermediate: Characteristics, Pricing
Famous quotes containing the words west, texas and/or intermediate:
“Just how difficult it is to write biography can be reckoned by anybody who sits down and considers just how many people know the real truth about his or her love affairs.”
—Rebecca West (1892–1983)
“Calling a taxi in Texas is like calling a rabbi in Iraq.”
—Fran Lebowitz (b. 1950)
“Complete courage and absolute cowardice are extremes that very few men fall into. The vast middle space contains all the intermediate kinds and degrees of courage; and these differ as much from one another as men’s faces or their humors do.”
—François, Duc De La Rochefoucauld (1613–1680)