WTI

WTI is an American grade of oil produced in Texas, which contracts are traded on the ICE Futures Europe. Historically, its prices are close to those of Brent despite being of higher quality. Oil price setting equally depends on the geopolitics, macroeconomics and supply/demand balance. Oil prices are greatly influenced by the concerted position of the Organization of Petroleum Exporting Countries (OPEC) which includes such countries as: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola.