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
Criticisms of the labour theory of value in a commodity: one is the use value the other is the exchange value. His mistake is to consider that the social usefulness of a commodity is more important than its 'price' (for instance, as if it was more important if a vegetable is sustainable produced and has less chemicals than the fact that you can profit more if you simply brand it 'green'). Therefore, although Marx in Volume 1 dedicated many chapters (cf. chap. 1, 2, 6, 19, especially 12) to the subject, he unnecessarily complicates the discussion by analyzing the complex power relations involved in the market relations.