West Texas Intermediate (WTI)
Question
The term 'West Texas Intermediate', sometimes found in news, refers to a grade of
Options
Crude oil
Bullion
Rare earth elements
Uranium
Explanation
West Texas Intermediate (WTI) is a specific grade of crude oil used as one of the main global pricing benchmarks, alongside Brent Crude and Dubai Crude. It is sourced primarily from the US and is known for being relatively light and sweet, making it ideal for gasoline refining. The term was heavily in the news in early 2020 when WTI futures briefly dropped to negative prices. > One-line conceptual takeaway: WTI and Brent are the two primary benchmarks used globally for pricing crude oil contracts. Answer: (a).
Question details
Year
2020
Paper
GS Paper 1
Question
Q53
Subject
Economy
Sub-topic
External Sector & Trade
Type
Factual single
Difficulty
Easy
Nature
Current-affairs-linked
Source hint
Global Oil Price Crash 2020
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