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 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

Oil prices slipped by more than 3% on Thursday on a media report that Saudi Arabia, the world's top crude exporter, will give up its price target in preparation for raising output, and as OPEC+ looked set to raise output in December.

Year to date, WTI prices are down by 4.47%. Brent futures traded at $73.42/bbl, a drop of 1.86% in the last 24 hours. Year to date, Brent prices are down by 7.13%. USA TODAY Blueprint may earn a commission from this advertiser.

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,