The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. and international supply and demand conditions. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East.

Oil prices, which eased on Friday, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles. Brent futures, which were trading 26 cents or 0.

U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.