West Texas Intermediate

Definition:

A popular benchmark oil price. WTI is the underlying asset in the New York Mercantile Exchange's oil futures contract. This type of oil has a low sulphur content (sweet). The U.S. Department of Energy maintains historical data for this oil price. It is sometimes known as WTI - Cushing or WTI, Cushing, Oklahoma.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

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