Oil prices reach highest in nearly a year as producers restrain output

Oil prices rose more than 2% on Tuesday, reaching its highest in nearly 12 months after major producers showed they were reining in output roughly in line with their commitments.

Brent crude was up $1.31, or 2.3%, at $57.66 a barrel by 1500 GMT for its third straight day of gains and the highest levels since February last year.