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 commodities that he or she produces. (See: "Entfremdung", Marx's theory of alienation) The concept of the "intrinsic value" of commodities (goods and services) determines and dominates the economic (business) relationships among people, to the extent that buyers and sellers continually adjust their beliefs (financial expectations) about the value of things—either consciously or unconsciously—to the proportionate price changes (market-value) of the commodities over which buyers and sellers believe they have no true control. That psychologic perception transforms the trading-value of a commodity into an independent entity (an object), to the degree that the social value of the goods and services appears