BHP stocks have cracked through the $30 barrier

Crude oil sprays from a well bucket. Ulet Ifansasti/Getty Images

Shares in BHP Billiton smashed through the $30 mark today for the first time in almost two months.

The world’s biggest miner has been under pressure from steeply falling commodity prices, mainly oil and iron ore.

However, today local investors liked reports from the US that oil production there isn’t as high as thought.

This means there are fewer barrels of oil being pumped out of the ground as producers shut wells, waiting for prices to improve.

Crude oil has dropped 40% in three months, after OPEC countries kept production high, but the latest news has improved prices by 12% in two days.

BHP recently announced it was shutting 40% of its onshore oil wells in the US in response to lower prices.

Qantas, which is benefiting from lower oil prices, today lost 4.38% to $2.40 but is still more than twice as strong as it was a year ago.

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