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%.
Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…
Millions of voters across the US chose to return Donald Trump to the White House…
Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…
Stocks around the world are rising as Donald Trump appears to be on the cusp…
Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…
Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…
