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 thing or expressed by the relationship between things. Yet it often seems more like value is the thing which creates the social relationship. To understand the real causal relationships, not just economic calculation, but also an historical and sociological understanding of the subject was needed. In vulgar Marxist economics, the commodity is simply a combination of use-value and exchange-value. That is not Marx's own argument. As he explains in "Capital, Volume III", in an overall sense business competition among producers centres precisely on the discrepancies between the socially established "values" of commodities in production and their particular "exchange-values" manifested in