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 currency Chen, Kenneth Rogoff and Barbara Rossi, exchange rates of commodity currencies can predict future global commodity prices. This is hugely beneficial for economists and policymakers who want a reliable measure of future commodity prices. A currency that is naturally tied to a country’s major commodities can be beneficial if the global demand for a commodity increases, naturally strengthening the value of the currency. As seen in Figure 1 as the demand for a commodity shifts out (higher demand) the price increases to p’. This increased demand also is likely to increase GDP as more exports take place as demonstrated by