Before revision:  In an empirical application , we calibrate the proposed model to volatility surfaces of vanilla options on WTI and provide evidence that the model is able to produce the desired stylized facts in terms of volatility and dependence.
After revision:  In an empirical application , we calibrate the proposed model to volatility surfaces of vanilla options on WTI . In this application we provide evidence that the model is able to produce the desired stylized facts in terms of volatility and dependence.