Oil jumped back above $40 a barrel yesterday for the first time this year and iron ore posted its biggest one-day gain on record as more traders bet that the worst of the 20-month commodity rout was over.
The slump in oil and other commodity prices had raised concerns for the health of the wider economy, with central banks warning of a possible deflationary spiral and a sharp slowdown in emerging market growth.
But moves by some of the world’s largest oil producers to agree an output freeze have helped to put a floor under prices, with Brent crude rebounding by 50 per cent since mid-January.
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