OIL!

Oil!

After West Texas Intermediate crude futures cracked $54 for the first time in five years this morning, oil is making a huge comeback.

In the last few minutes, WTI turned positive over the last 24 hours, with WTI breaking through $56.

Overall, it's been a turbulent day for financial markets, with the Russian ruble collapsing again, and US stocks bouncing after opening deep in the red. 

The big story in the market, however, remains the price of crude oil, which has been getting smashed in the last few few months and has seen losses accelerate in the last couple weeks.

And while this isn't the first time crude has bounced higher before returning lower, those closely watching the market are looking for any signs of a bottom.

But as Jeff Gundlach said last week: "Oil will find a bottom when it starts going up."