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.

The surge in U.S. crude oil exports has made WTI Midland a more influential benchmark in the global oil market, leading to increased trading activity in Houston.

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WTI oil has an American Petroleum Institute gravity of 39.6 degrees, considered “light.” WTI also has a sulfur content of just 0.24%, making it very “sweet.” WTI crude oil is typically the benchmark for U.S. oil prices in the trading world.

Oil prices fell more than 3% on Thursday on a Financial Times report that Saudi Arabia, the world's top crude exporter, will give up its $100 price target in preparation for raising output, along with OPEC members and allies in December.

A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday. According to sources that spoke with the Financial Times, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.

Oil prices surged to their highest level in over a year after crude stocks at a key storage hub fell to their lowest since July last year. The U.S. West Texas Intermediate futures touched $95.03 per barrel,