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.

Asian equities, however, saw meaningful gains Thursday morning where Indian stock market hit fresh record highs

The crude oil markets are in the midst of trying to find enough support, as the market will continue to see these low levels as a situation where the market just “got too cheap.”