CL

West Texas Intermediate (WTI) crude oil, commonly abbreviated as CL, is a grade of light sweet crude oil extracted primarily from wells in the Permian Basin and other oil fields in Texas and Oklahoma. As one of the world's three major crude oil benchmarks alongside Brent and Dubai crude, WTI serves as a critical pricing reference for the global petroleum market due to its exceptional quality characteristics—specifically its low density and low sulfur content, which make it easier and cheaper to refine into valuable products like gasoline and diesel. The WTI price is established through futures contracts traded on the New York Mercantile Exchange (NYMEX) and represents the cost per barrel of this standardized crude oil product. Historically significant since commercial production began in the late 19th century, WTI became increasingly important as a global benchmark following the 1983 establishment of standardized NYMEX futures trading. The oil itself is measured in barrels, with one barrel containing 42 gallons, and its price fluctuates based on global supply and demand dynamics, geopolitical events, production levels, and economic conditions worldwide.