West Texas Intermediate (WTI) is a grade of crude oil that is used as a benchmark in oil pricing. It is sourced primarily from oil fields in Texas and is known for its light and sweet characteristics, meaning it has a low density and low sulfur content. These qualities make WTI easier to refine into gasoline and other products. WTI is traded on the New York Mercantile Exchange (NYMEX) and is one of the most widely used benchmarks for oil prices globally. Its pricing is influenced by various factors, including supply and demand dynamics, geopolitical events, and changes in production levels from major oil-producing countries.