The term 'West Texas Intermediate', sometimes found in news, refers to

The term ‘West Texas Intermediate’, sometimes found in news, refers to a grade of

[amp_mcq option1=”Crude oil” option2=”Bullion” option3=”Rare earth elements” option4=”Uranium” correct=”option1″]

This question was previously asked in

UPSC IAS – 2020

The term ‘West Texas Intermediate’ (WTI) is a well-known benchmark in the global commodities market.

– WTI refers to a grade of crude oil produced in Texas and Southern Oklahoma, USA. It is a major benchmark for oil pricing, particularly in North America. Other common benchmarks include Brent Crude (for European and global markets) and Dubai/Oman (for Middle Eastern/Asian markets).

Commodity benchmarks like WTI and Brent are important because they serve as reference prices for a vast volume of oil trades worldwide and influence energy prices globally.

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