WTIS stands for West Texas Intermediate Sweet, which is a type of crude oil used as a benchmark in pricing crude oil around the world. It is extracted from the Permian Basin in West Texas and is known for its low sulfur content, which makes it easier to refine into gasoline and other fuel products. WTIS is traded on the NYMEX (New York Mercantile Exchange) and is often used as a reference point for the pricing of other crude oils around the world. As of 2021, WTIS has a price range of $40 to $80 per barrel and is considered one of the most important crude oil benchmarks in the world.
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