WTI

WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude oil is closely watched by traders and investors in the global oil markets.

After Brent, it's the most-liquid and active oil trading market in the world.Note though that there are dozens of crude grades and trading hubs, each with particular dynamics. In general, they all move together with spread to WTI and Brent varying.

WTI futures trade at the Chicago Mercantile Exchange.