The world economy has been developing with oil as its lifeblood for over a hundred years. 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 light because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of Dubai Gold and Commodities Exchange's oil futures contracts.
The price of WTI is often referenced in news reports on oil prices, alongside the price of Brent crude from the North Sea.