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 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.

The kingdom is resigning itself to a period a lower prices, sources told the FT. Oil markets spiraled on the news, falling as much as 4% on Thursday. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview

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.

Oil prices turned sharply lower Thursday, on waning hope that supply cuts from the OPEC+ cartel and Chinese economic stimulus would juice the market. Most actively traded futures for benchmark U.S. crude recently traded around $67 a barrel,

Oil prices slumped on Thursday, reversing earlier gains, on news Saudi Arabia, the world's biggest crude exporter, will give up on its price target in preparation for raising output.

Thursday closed down -2.02 (-2.90%), and Nov RBOB gasoline (RBX24) closed down -3.93 (-2.00%). Crude oil and gasoline prices Thursday fell sharply, with crude posting a 2-week low and gasoline posting a 1-week low.

Saudi Arabia reportedly plans to start producing more from Dec. 1, allowing global crude prices to fall. Why? It’s an admission that increased oil production in the United States and other non-OPEC members has combined with lower oil demand from China to drop prices well below the level the Saudis would prefer.