West Texas Intermediate West Texas Intermediate 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 Medium crude oil because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of New York 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, Oman Crude, Urals oil and the OPEC Reference
Value-form "equivalent" form of value, so that B is effectively "the value-form" of (expresses the value of) A. If we ask "how much is X quantity of commodity A worth?" the answer is "Y quantity of commodity B". This simple equation, expressing a simple "value proportion" between products, however permits several possibilities of differences in valuation emerging within the circulation of products: These possible changes in valuation enable us to understand already that what any particular product will trade for is delimited by what "other" products will trade for, quite independently of how much the buyer would like to pay, or