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Crude oil is exploding higher

Myles Udland

Oil is ripping.

On Thursday, West Texas Intermediate crude oil was a big winner rising as much as 10% to more than $42.50 a barrel at one point on Thursday afternoon.

Earlier this week, WTI tipped below $38 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 is joining the party.

fut_chart (31)
fut_chart (31)

(FinViz)

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