Crude oil is surging

Crude oil is having a big day.

West Texas Intermediate crude oil rallied by more than 3% to cross back above the $60 per barrel mark.

On Wednesday, the Energy Information Administration said that crude inventories fell by 2.7 million barrels.

It was the third straight week of declines in inventories, which have seen a huge swell in recent months to the highest levels in at least 80 years.

Earlier this week, we highlighted comments from Morgan Stanley, noting that following the oil crash, drillers are now prioritizing profitability over their output of barrels.

Brent crude oil, the international benchmark, was also higher, up by more than 2%.

Here's a chart showing the jump in WTI: