Brent crude futures LCOc1 rallied as high as $74.44 a barrel, the strongest since November 27, 2014 - the day OPEC chose to pump as much as it could to defend market share, sending the price to a low of $27 just over a year later.
Brent crude, which ended almost 2% up at $73.48 a barrel on Wednesday, is now hovering around $73.85 a barrel.
West Texas Intermediate for May delivery advanced $1.95 to settle at $68.47 a barrel on the New York Mercantile Exchange.
The price of a barrel of Brent crude, the worldwide benchmark contract, rose by 2 per cent to $73.12, up more than $1.54, after figures from the US Energy Information Administration showed an unexpectedly big fall in American stockpiles of oil.
Mid-week, the EIA and the American Petroleum Institute (API) reported a draw of about 1 million barrels of USA oil supplies.
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In addition, oil ministers from OPEC and non-OPEC countries will meet Friday in Saudi Arabia to discuss their production cut deal. Aluminum prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in 6-1/2 years.
Yields on US two-year Treasuries stood at levels last visited in 2008 at 2.43 per cent and 10-year German yields went above 0.57 per cent for the first time in nearly a month.
Global resource stocks were the winners from Thursday's higher in prices. "Despite the influence of United States shale, Saudi Arabia still calls the shots on global oil markets, and it's increasingly obvious the Saudi's are comfortable with oil at $80 or more", said Lee Wild, head of equity strategy at Interactive Investor.
The beginning of summer may herald the end of a boom for the fuel that underpinned crude's rally into a bull market previous year. If that were to be the case, and OPEC responds in the same way as they did in 2017, then the world could be in a for yo-yoing oil prices for a while.
Meanwhile, production continues to decline in Venezuela, where economic crisis has paralyzed the nation's lifeblood oil industry.
At current levels, futures are approaching levels not seen since Thanksgiving of 2014, when OPEC refused to take steps to stop a decline in oil prices, sparking an even sharper drop.