Commodity market may include interest rates, environmental instruments, swaps, or freight contracts. Source: International Trade Centre Energy commodities include crude oil particularly West Texas Intermediate (WTI) crude oil and Brent crude oil, natural gas, heating oil, ethanol and purified terephthalic acid. Hedging is a common practice for these commodities. For many years, West Texas Intermediate (WTI) crude oil, a light, sweet crude oil, was the world’s most-traded commodity. WTI is a grade used as a benchmark in oil pricing. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. WTI is often referenced in news reports on oil prices, alongside
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.