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Crude Oil (WTI)

Crude Oil is an organically forming liquid fossil fuel emanating from animals and plants buried under the ground, and exposed to hot weather and pressure. Crude oil is a heavily demanded commodity. Two key criterions used to price crude oil are the United Kingdom's Brent, as well as the United States' West Texas Intermediate (WTI). The contrasts between the Brent and WTI include not only oil type but price as well, as WTI generates crude oil with a distinct sulfur and density content. In addition to market speculation, the demand for crude oil is contingent on international economic conditions. Crude oil prices are often measured in American dollars. Even though there have been talks of using another trade currency for crude oil instead of USD, no initiatives have been taken.