Oil price hits highest in a year as producers limit supply

Brent crude settled up US$1.11, or 2%, at $57.46 a barrel, its third straight day of gains. During the session, it touched $58.05, the highest since January last year.

NEW YORK: Oil prices rose 2% on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with commitments.

The global and U.S. crude benchmarks rallied as optimism about more U.S. economic stimulus added to bullishness from OPEC production levels, which rose less than expected in January.