West-texas-intermediate-crude-oil meaning

A popular type of crude oil that is produced in the United States. The New York Mercantile Exchange trades a contract based on West Texas Intermediate (WTI) crude oil delivered in Midland, Texas, which is the U.S. benchmark grade. WTI crude oil is a light, sweet crude oil. Prices for WTI are quoted at Cushing, Oklahoma, which is a major crude oil shipment point that has extensive pipeline connections to oil producing areas and Southwest and Gulf Coast-based refining centers.
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