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
Commodity pathway diversion commoditization, sacralization, and terminal commoditization. While singularization and commodity pathway diversion have stark similarities, and Kopytoff's singularization categories can be seen in Appadurai's description of types of commodity pathway diversions, Appadurai critiques placing singularization and commoditization in direct opposition because, as he argues, diversion (singularization) and commoditization are fluidly occupied positions in the use life of an object. Appadurai defines enclaved commodities as "objects whose commodity potential is carefully hedged." These objects are diverted from the commodity pathway to protect whatever value or symbolic power the object may transfer as a commodity. Appadurai suggests that in societies where "what is