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.

Bears were unleashed on the oil markets this week as reports OPEC+ was delaying its production increase could not overcome fears about a weakening U.S. economy. A weak jobs report Friday compounded those concerns about the economy and the impact on oil demand.

The plunge in oil prices this week is calling OPEC+’s next move into question. The OPEC cartel and its allies were planning to start increasing oil supply from October, starting with 180,000 barrels a day and gradually stepping up further.

If producer group OPEC+ doesn't reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries, Citi said in a note on Wednesday.

The Organization of the Petroleum Exporting Countries and its allies — the coalition of the world’s top oil producers known as OPEC+ — said Thursday that it is extending oil production cuts once again as crude and fuel prices continue to slump.