(LONDON), The price of oil rose above $ 60 for a barrel on Friday for the first time this year to go up about 4 percent since the beginning of the week. And that is by the support of the signs that the operating companies cut spending sector may limit the oversupply.
The growth of the euro-zone economy accelerated more than expected in the last quarter of 2014 alongwith the growth of the German economy, The region’s largest economies, also support the oil.
Brent crude fell from $ 115 in June to $ 45.19 in January, its lowest level in nearly six years due to oversupply. Signs increase since January on the contribution of the sector to reduce spending in the rise of prices of more than 30 percent.
Apache Corporation, the largest US producer of oil shale, stated on Thursday that It plans to reduce its capital expenditure number of drilling rigs in 2015 with the fall in oil prices.
The French energy giant (Total) joined on Thursday the list of companies which announce cuts in investment and jobs in the wake of falling oil prices by more than 50 percent since June.
Analysts said that the weak dollar is also supporting oil this week, as the decline in the US currency makes commodities denominated them less expensive to holders of other currencies.