Crude oil surges above $31 a barrel

Crude Oil prices jump

Oil rallied for the second day in a row, surging above $31 a barrel on Friday morning.

Prices rose 4.2% Thursday to settle at $29.53 a barrel. That was the biggest one-day percentage gain since October 28.

The upward movement in oil prices led to improvements in commodities and energy shares around the world.

In the Asian market the Nikkei jumped 5.8% while the Hang Seng closed 2.9% higher and shares in Shanghai rose 1.2%.

In Europe, the main indexes jumped between 2% and 3%.

Shell experienced a 6% increase and BP shares were up 4% in London trading.

While oil prices have slightly rebounded over the last two days they are still down 20% on the year and 73% below the peak price of $107.73 per barrel they reached in June 2014.