Home » UPSC IAS » The term ‘West Texas Intermediate’, sometimes found in news, refers to

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

June 1, 2025 by rawan239

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

Crude oil

Bullion

Rare earth elements

Uranium

This question was previously asked in

UPSC IAS – 2020

Download PDF Attempt Online

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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