WTI (West Texas Intermediate) is a commonly used synonym for WTIR, which refers to a crude oil benchmark used for oil pricing. It is the most widely used benchmark for oil prices in North America and is traded on the New York Mercantile Exchange (NYMEX). Other synonyms for WTIR include Texas Light Sweet, Bonny Light, and Arabian Light. Bonny Light is a light sweet crude oil produced in Nigeria, while Arabian Light is one of the largest crude oil streams in Saudi Arabia. Texas Light Sweet is a light crude oil produced in Texas and is used as a benchmark for the pricing of other crude oils. These synonyms are used interchangeably with WTIR by traders and investors for reference purposes.