West Texas Intermediate (WTI) is a specific grade or mix of crude oil that is one of the main three benchmarks in oil pricing, along with Brent and Dubai Crude. It is a light, sweet crude oil that is sourced primarily from inland Texas, but oil produced from any location can be considered WTI if it meets the required qualifications. WTI is known as a light sweet oil because it contains between 0.24% and 0.34% sulfur, making it "sweet," and has a low density, making it "light". The WTI oil grade is also described as light crude oil because of its low density and sweet because of its low sulfur content. The spot and futures prices of WTI are used as a benchmark in oil pricing, and it is considered a high-quality oil that is easily refined. The WTI crude oil futures contract is traded on the New York Mercantile Exchange (NYMEX) and is the underlying commodity for the NYMEXs oil futures contract. The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea.