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West Texas Intermediate (WTI) - Meaning

A grade of crude oil produced in the Permian Basin region of the United States. It also represents a benchmark crude price for US-produced crudes and is the basis for the NYMEX oil futures contract. The NYMEX crude settlement point is Cushing, Oklahoma, which has become a large storage point for WTI crude as well as other commonly traded crudes that are priced relative to WTI crude.

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