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.

Brent crude futures settled up 38 cents, or 0.53%, at $71.89 per barrel, while U.S. West Texas Intermediate crude futures settled up 51 cents, or 0.75%, at $68.18.

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.