Crude oil has lost it.
In afternoon trade on Thursday, West Texas Intermediate crude prices were down about 3% right at $US47 a barrel.
Earlier on Thursday, WTI rocketed higher, rising more than 5.5%, or more than $US2.75 a barrel, to as high as $US51.25. Near the open of US stock market trade, crude was off its best levels, up about 2% to around $US49.50 a barrel.
All of those gains are gone and now crude is working back towards its lows hit earlier this week when WTI broke below $US45 a barrel for the first time since April 2009.
Brent crude prices were also up more than 4% on Thursday but have now reversed.
On Wednesday, crude oil spiked violently in afternoon trading in New York, and on Thursday that move was being extended.
It’s a crazy day in the market so far, with the Swiss National Bank stealing headlines after a shocking decision to no longer set a price target on the Swiss franc against the euro.
But it is still all about oil.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.