West Texas Intermediate

Price of oil adjusted for inflation

Price of oil (nominal)

West Texas Intermediate oil price history 1946–2022^[1]

West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet. Oil produced from any location can be considered WTI if the oil meets the required qualifications.^[2] Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because of its low density and sweet because of its low sulfur content.

The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai crude, Oman crude, Urals oil, and the OPEC reference basket. WTI is lighter and sweeter, containing less sulfur than Brent, and considerably lighter and sweeter than Dubai or Oman.^[3]

^ "Crude Oil Prices – 70 Year Historical Chart". Archived from the original on 2022-04-18. Retrieved 2022-04-19.
^ "The Role of WTI as a Crude Oil Benchmark" (PDF). Purvin & Gertz Inc. p. 24. Archived (PDF) from the original on 2020-09-21. Retrieved 2020-05-30.
^ Marius Vassiliou (2009). Historical Dictionary of the Petroleum Industry. Lanham, MD: Scarecrow Press. ISBN 0-8108-5993-9.

[1] "Crude Oil Prices – 70 Year Historical Chart". Archived from the original on 2022-04-18. Retrieved 2022-04-19.

[Role24-2] "The Role of WTI as a Crude Oil Benchmark" (PDF). Purvin & Gertz Inc. p. 24. Archived (PDF) from the original on 2020-09-21. Retrieved 2020-05-30.

[3] Marius Vassiliou (2009). Historical Dictionary of the Petroleum Industry. Lanham, MD: Scarecrow Press. ISBN 0-8108-5993-9.

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