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).
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.