The spread between WTI and other benchmarks is widening as several bearish factors combine in the United States to push prices lower, OilPrice said.

The gap seems to be widening between WTI and other global crude benchmarks as climbing crude inventories and another SPR release are pushing the U.S. benchmark lower. This week’s release of strong economic data in the U.S. and evidence of a tight labor market has added some macro pressure to oil prices as well, adding to concerns that the Federal Reserve’s hikes might continue for longer. As a result of these bearish developments, WTI moved back below $76 on Friday morning.