Crude oil is spiking

Crude oil is back above $US60 per barrel.

West Texas Intermediate crude climbed by more than 4% on Friday afternoon to around $US60.28 per barrel. Brent crude, the international benchmark, was also higher, climbing more than 4% to around $US65.38 per barrel.

The rally in crude comes after a slide over the past few days during which WTI retreated from the $US60 mark to as low as $US56.67 per barrel on Thursday.

Also, data from Baker Hughes on Friday showed that the US oil rig count fell by 13 to 646 this week, picking up speed after a drop by just one last week.

Earlier this week, the Department of Energy reported that US oil production surged to a 43-year high.

Here’s a chart showing the spike in WTI on Friday:

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