Shares of global mining giant BHP Billiton Limited (ASX: BHP) have exploded today. They’re currently trading 8% higher at $15.41, but hit a high of $15.55 earlier in the session.

The miner’s gain compares to a rise of 2% for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).

Source: Google Finance

Source: Google Finance

Today’s gain will come as a huge relief for shareholders of the miner. The shares hit a low of just $14.17 during yesterday’s session – only slightly better than their recent 12-year low of $14.06 – as a result of plummeting oil prices.

But the oil price rebounded strongly overnight, providing investors with some hope, although there is no guarantee the price will continue to rise.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.