Reuters reported that oil prices have broken above US$40 to hit their highest in 2016.

As quoted in the market news:

Global crude prices have risen more than 40 per cent since two months ago when they hit 12-year lows. Monday’s gains were helped by data showing a smaller-than-expected build in stockpiles at the Cushing, Oklahoma delivery hub for U.S. crude futures and talk that OPEC was looking at a $50 bottom.

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