Q: (IAS/2020)
question_subject:
Science
question_exam:
IAS
stats:
0,190,39,190,17,16,6
keywords:
{'west texas intermediate': [0, 0, 0, 1], 'crude oil': [1, 0, 1, 1], 'uranium': [3, 0, 2, 0], 'rare earth elements': [0, 0, 0, 2], 'grade': [0, 0, 1, 1], 'term': [28, 1, 9, 27]}
The term `West Texas Intermediate` (WTI) refers to a grade of crude oil.
Explanation:
West Texas Intermediate (WTI) is a type of crude oil that is one of the main benchmark oil prices in the world. It is a high-quality, light, and sweet crude oil that is extracted from oil wells in the United States, primarily in the Permian Basin region of West Texas. WTI is traded on the New York Mercantile Exchange (NYMEX) and is often used as a benchmark for oil prices around the world.