Crude oil is all over the place.

On Thursday morning, West Texas Intermediate crude oil rocketed higher, rising more than 5.5%, or more than $2.75 a barrel, to as high as $51.25. Near the open of US stock market trade, crude was off its best levels, up about 2% to around $49.50 a barrel. 

Recall that earlier this week, WTI fell below $45 a barrel for the first time since April 2009. 

Brent crude prices were also up more than 4% on Thursday. 

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. 

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