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
Commodity pathway diversion as a rejection of art and a questioning of value (1968). By diverting a urinal from its commodity pathway and exhibiting it as art in a museum, Duchamp created an enclaved item out of a commodity, thus increasing its social value, and commoditized mundane items by affecting artistic tastes. Artist William Morris argued that "under industrial capitalism artificial needs and superficial ideas about luxury are imposed on the consumer from without and …as a result, art becomes a commodity" (1985:8-9). Bauhaus artists like Morris and Walter Gropius understood commodities in purely Marxian terms as things which are immediately produced, having