Oil prices ticked lower on Friday but remained on track for a second consecutive week of gains, drawing support from a large cut in U.S. interest rates and declining U.S. stockpiles, Brent futures were down 34 cents,

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.

Commercial crude oil stockpiles excluding the Strategic Petroleum Reserve fell by 1.6 million barrels to 417.5 million barrels in the week ended Sept. 13 and were about 4% below the five-year average for the time of year,

Oil prices extended their recent recovery rally and rose more than 1% on Thursday as a large cut in U.S. interest rates and declining global stockpiles helped offset some of the demand concerns arising from weak consumption in China.

WTI futures traded around $70.30 per barrel, as of 9 a.m. ET. That’s an increase of 0.90% in the last 24 hours.

U.S. crude oil is down more than 13% this quarter, while Brent has fallen nearly 16% as demand slows in China.