Crude oil is exploding higher

Oil is ripping.

On Thursday morning, West Texas Intermediate crude oil was the big winner, rising more than 6.5% to as high as $US41.13 a barrel.

Earlier this week, WTI tipped below $US38 a barrel, a new post-financial crisis low.

This week, we saw big drawdowns in crude oil inventories in data releases from the American Petroleum Institute and Energy Information Administration.

But crude hadn’t been doing much while stock markets were rocking all over the place.

Stocks were shooting higher on Thursday for the second straight day, and now crude oil joining the party.

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