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.

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.

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 futures finished higher on Friday to modestly pare back their weekly loss from expectations OPEC+ will boost production before year-end.

Expectations that the OPEC and its allies will start unwinding voluntary output curbs of 2.2 million barrels a day starting from December is adding to market nervousness.

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.