As we all know, Texas is an oil-producing state in the United States, and the crude oil futures contract launched by NYMEX is based on the commodity samples produced by the West Texas Refinery. As the United States is the largest oil consumer, the spot contract of West Texas Intermediate crude oil (WTI) in the United States is regarded by many investors as the benchmark price to measure the price change of crude oil in the international energy market, and many news media articles reporting the economy also cite WTI as the representative price.
There are other crude oils that affect the international crude oil price, such as Brent crude oil in the North Sea, Dubai crude oil and OPEC reference basket crude oil.