Price of oil soared on Thursday morning as it hit the $75 per barrel mark, having gained 0.35% in the early hours.
This is with WTI Crude gaining 0.33% to trade at $72.63 per barrel, Bonny Light dipping 0.12% to trade at $72.99, while natural gas gained 1.84% to trade at $4.044.
The OPEC Basket increased on Thursday morning to trade at $73.62 per barrel, representing a gain of 0.81%.
The bullish performance in the global crude oil market can be attributed to the report from the American Petroleum Institute (API) released on Tuesday, which revealed a draw in crude oil inventories of 4.73 million barrels for the previous week.
This summed up the total crude draw year-to-date to about 54 million barrels.