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
Commodity fetishism there is no outside interference. The Ancient Greek philosopher Aristotle (384–322 BC), in the "Nicomachean Ethics", noted such "market behaviour", and said that the increased value of a commodity was relative to the buyer's demand for the commodity. In the 19th century, Marx's contemporary Menger proposed the "Theory of Subjective Wants", wherein the behaviour of the market is explainable only in terms of the subjective wants of the buyer and the seller. The market expanded because the intensity of the buyers' want increased desires; if the market contracted, it was because of the buyers' decreased desires. That "market freedom" might