Brent crude later fell slightly and was trading at $39.81 a barrel.
Oil dropped below $28 in January, but has since risen as part of a wider recovery in energy and metal prices.
The price of iron also shot up, rising 19% amid greater optimism about Chinese economic growth and demand for the metal in the country’s refineries.
Iron ore is heading for the biggest price increase in a single day since 2009, according to data from MetalBulletin.
The price of copper has increased by 6.9% in 2016 and aluminum is up 5.3%.
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