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WTI definition
WTI, or West Texas Intermediate, is the main US benchmark for crude oil, known as a light and sweet grade because it has low density and low sulphur content. Its price sets the reference for much of the crude produced, traded, and refined in North America.
Priced at Cushing, Oklahoma, a major storage and pipeline hub, WTI is the underlying grade for widely traded US crude futures. Because it is light and sweet, it is relatively easy to refine into petrol and diesel, which supports demand for it.
WTI is often set against Brent, the international benchmark sourced from the North Sea. Both are light, sweet crudes, but they are produced in different regions and usually trade at slightly different prices, with the difference known as the WTI-Brent spread.
WTI Example
You follow US oil prices and see WTI quoted at 78.00 per barrel. Because WTI is the US benchmark, this is the reference price for much of the crude produced and refined across North America.
If WTI rises to 80.00 per barrel, contracts and products linked to that benchmark reprice from the higher level.
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