WTI Crude Oil.
In plain English
West Texas Intermediate is a specific grade of light, low-sulfur crude oil that serves as the main price benchmark for oil produced and traded in the United States. When a US news story cites the price of oil, it usually means WTI. It is priced at a delivery hub in Cushing, Oklahoma, and it often trades a few dollars apart from Brent, the international benchmark, because of differences in quality and where each is delivered.
01Why it matters
WTI is the number behind US oil headlines and gas-price forecasts, so knowing it is a benchmark, not the price of your gas, helps you read the news.
02The math, step by step
A headline that says oil fell to 68 dollars is almost always quoting WTI. Brent, the global benchmark, might sit a few dollars higher at the same moment.
03What this is NOT
WTI is NOT Brent. WTI is the US benchmark priced in Oklahoma; Brent is the international benchmark, and the two usually trade a few dollars apart.