West Texas Intermediate
Grade of crude oil used as a benchmark in oil pricing
West Texas Intermediate (WTI) can refer to a grade or a mix of crude oil, and/or the spot price, the futures price, or the assessed price for that oil; colloquially WTI usually refers to the price of the New York Mercantile Exchange (NYMEX) WTI Crude Oil futures contract or the contract itself. The WTI oil grade is also known as Texas light sweet, although oil produced from any location can be considered WTI if the oil meets required qualifications. Spot and futures prices of WTI are 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.