Crude oil is ripping higher

Crude oil is rallying.

On Thursday morning, West Texas Intermediate crude futures trading in New York rallied more than 3% to as high as $US53.37 per barrel.

The move higher comes after a selloff this week that took WTI to a three-month low.

On Wednesday, data from the Energy Information Administration showed that oil inventories rose for a second straight period last week by 384,000 barrels, slower than the build of 2.4 million barrels in the previous period.

And, analysts are waiting to see whether on Friday, data from driller Baker Hughes will show that the US oil rig count climbed for only the second week this year.

Brent crude, the international benchmark, was also up more than 3% at around $US58.91.

Here’s a chart showing the rally in WTI on Thursday:

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