Shares in BHP Billiton have rocketed to a 5-month high

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Australian-listed shares in BHP Billiton are flying on in late trade on Tuesday, sitting up 5.24% at $19.67.

The enormous rally, following a 3% fall on Monday, leaves the shares trading at levels not seen since November 25 last year.

Overnight the crude oil price recovered much of the ground lost in the immediate aftermath of OPEC’s non-agreement to freeze oil production levels at preset levels. That, along with a substantial gain in the spot iron ore price on Monday, is likely contributing to the substantial share price move today.

On Wednesday the miner will release its operational Review for the nine months to the end of March 31.

Earlier in the session rival Rio Tinto announced its first quarter operations review, showing global iron ore shipments at 80.8 million tonnes, up 11% on a year ago.

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