Local shares fired back to life on Thursday, reinvigorating the market’s relief rally after a brief fall on Wednesday.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 2.3% to 4992 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 2.2% to 5047 points
  • AUD/USD at US 71.58 cents
  • Iron Ore at US$46.35 a tonne, according to the Metal Bulletin
  • Gold at US$1,208.79 an ounce
  • Brent oil at US$34.99 a barrel

The ASX 200 rose strongly on Thursday after oil prices soared overnight. According to various reports, the price rise came as a result of discussions between some of the world’s biggest producers about potentially freezing output levels, thus easing the supply rout.

BHP Billiton Limited (ASX: BHP) gained 6.1% for the day, while its fellow energy producers Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) gained 4.6% and 7.6%.

AWE Limited (ASX: AWE), the market’s top-performing share for the day, also rose 23.8%.

The banks were also on fire today. All four ended the day at least 2.5% higher, but Westpac Banking Corp (ASX: WBC) was the best of the lot, rising 2.8%.

Other strong gains came from Domino’s Pizza Enterprises Ltd. (ASX: DMP) up 9.5%, and Fortescue Metals Group Limited (ASX: FMG), up 11.5%.

Unfortunately, Arrium Ltd (ASX: ARI) didn’t fare so well. The shares fell 45.8%, while Cover-More Group Ltd (ASX: CVO) also lost another 5.1%.

Here are Thursday’s top stories:

  1. Telstra Corporation Ltd not just a retail telco anymore
  2. Energy shares go berserk as oil price surges
  3. Sydney Airport Ltd shares soar on surging passenger growth
  4. Here’s why resources shares are going nuts
  5. Why the Arrium Ltd share price was crushed today
  6. Here’s why the BHP Billiton Limited share price has jumped 5.4% today

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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.