ForumIAS LATEST
- Prelims Test Series (PTS) for Prelims 2027 starts 11th Oct. 2026 Click Here to know more →
- [Pre-order] Ethics Redbook 3rd Edition: Delivery starts from 10th October onwards Click Here to Read More →
- 21 Sept. | Forum Residential Coaching (FRC) for UPSC preparation Click Here to know more →
- 21 Sept. | GS Advance Program (GSAP) for UPSC 2027 Mains starts from 10th Oct. Click Here to Read More →
News:The United States oil markets created history when the prices of West Texas Intermediate(WTI) fell to minus $40.32 a barrel in interlay trade in New York.
Facts:
- West Texas Intermediate(WTI) is a specific grade of crude oil and one of the main three benchmarks in oil pricing along with Brent and Dubai Crude.
- It is sourced primarily from Texas and is one of the highest quality oils in the world which is easy to refine.
- This grade is described as light crude oil because of its relatively low density and sweet because of its low sulfur content.
- It is the underlying commodity of New York Mercantile Exchange’s oil futures contracts.
Additional Facts:
- Negative Oil Pricing: It means the commodity producers are willing to pay purchasers to take oil off their hands amid fears that most storage facilities will run out of space.
