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
Exchange value This sketch of the process of "marketisation" shows that the commodity form is not fixed once and for all, but in fact undergoes a "development" as trade becomes more sophisticated, with the end result being that a commodity's exchange-value can be expressed simply in a (notional) quantity of money (a money price). However, the transformation of a labor-product into a commodity (its "marketing") is in reality not a simple process, but has many technical and social preconditions. These often include: Thus, the commodification of a good or service often involves a considerable "practical" accomplishment in trade. It is a process