Markets give backing to WTI as oil benchmark

oil barrels

West Texas Intermediary (WTI) grade crude oil trading volumes have rebounded strongly in the second quarter, diminishing chances that it could lose its place as a global benchmark for crude oil prices, the derivatives market-place CME Group said on Wednesday.

"I know during Q1 the amount of WTI futures traded was a little bit less than it had been in the last two years," says Bob Levin, managing director of energy research and product development at CME Group. "However, so far in Q2 there's been