West Texas Intermediate between the two has once again increased to over $14, but was back down to $4 by the end of 2014. 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
Value-form econometric approach is that, if the task is to "measure" value, then it is essential to get conceptually very exact about what value is, in order to measure it, even if the empirical measure is only a proxy for the real thing. An implicit technical and historical criticism of Marx's value-form theory is made by some Post Keynesian and heterodox Marxian economists as well as anarchists like David Graeber, who are inspired by the chartalist theory of money. These economists interpret Marx's narrative about how money originates in the exchange process as a theory of commodity money, or the "commodity