Oil futures edge higher Thursday, consolidating after slumping in the face of a surging U.S. dollar, as investors weighed a forecast from the International Energy Agency and awaited U.S. inventories data.

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.

Oil prices were largely steady on Thursday, with traders holding fire after declines earlier this week on a stronger U.S. dollar and worries about rising supply amid slow demand growth. Brent crude futures were down 3 cents to $72.