LONDON (Web Desk) – Oil rose above $60 a barrel for the first time this year, bringing gains this week to 4 percent, supported by signs that deeper industry spending cuts may curb excess supply.
Also supporting oil, euro zone economic growth accelerated unexpectedly in the final quarter of 2014 as the bloc’s largest member, Germany, expanded at more than twice the expected rate.
The price of Brent crude collapsed from $115 in June to $45.19, the lowest in almost six years, in January due to oversupply. Since January, mounting signs of lower industry spending have helped prices rally by more than 30 percent.
Apache Corp (APA.N), a top U.S. shale oil producer, said on Thursday it would cut capital spending and its rig count in 2015 following the price collapse, keeping its output growth mostly flat.
Brent for April delivery LCOc1 was up $1.12 at $60.40 by 1120 GMT (06:20 a.m. EST), after trading at a high of $60.54 earlier in the session. The March contract expired overnight.U.S. crude CLc1 was up 80 cents at $52.01.
