Oil prices rise above $60 for the first time in 2015

Brent crude oil prices hit highest level so far this year after collapsing to $45 last month from high of $115 last summer.

Oil prices have risen above $60 a barrel for the first time this year amid signs that industry spending cuts might curb supply.

Brent crude collapsed 60% from a high of $115 a barrel last summer to $45.19 in January, the lowest in almost six years, as a result of oversupply.