Crude oil is ripping higher

The price of crude oil is ripping higher on Wednesday night in New York.

Near 10:50 pm ET, West Texas Intermediate crude futures trading in New York were up more than 4% to trade above $US51 a barrel.

Last week, WTI crude fell to as low as $US43 a barrel, a new six-year low for oil.

The latest spike in crude comes after reports that Saudi Arabia bombing Iran-backed rebels in Yemen.

Business Insider’s Armin Rosen reported Wednesday night:

Yemen’s crisis is getting worse and then some.

Saudi Arabia has started bombing rebel positions inside Yemen, and said the Sunni Kingdom will do “anything necessary” to deter the Iran-backed Shiite rebels who are taking over its neighbour.

Earlier on Wednesday, the latest data from the EIA showed that crude oil inventories continue to build in the US.

Here’s the wild chart showing the spike in WTI.

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