West Texas Intermediate
|
|
West Texas Intermediate (WTI) is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures. This is usually the type referenced in Western news reports about oil prices, alongside North Sea Brent Blend crude.
WTI is a light crude, lighter than Brent crude. It contains about 0.24% sulfur, rating it a sweet crude, again sweeter than Brent. Its properties and production site make it ideal for being refined in the United States, mostly in the Midwest and Gulf Coast regions.
Typical price difference per barrel is about $1 more than Brent, and $2 more than OPEC Basket.