Oil rises in choppy trade as OPEC supply cuts vie with demand worry | Reuters

Oil rises in choppy trade as OPEC supply cuts vie with demand worry | Reuters:

Oil prices rose more than one percent on Thursday in a session of volatile trade, drawing support from signs that Saudi Arabia is cutting crude output but pressured by concerns that slowing global economic growth could dent demand.

Brent crude LCOc1 futures gained $1.04 to settle at $55.95 a barrel, a 1.89 percent gain. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 55 cents to settle at $47.09 a barrel, a 1.18 percent gain.

Prices traded in a wide range, with Brent hitting a session high of $56.30 a barrel and a low of $53.93 a barrel. WTI posted a session high of $47.49 a barrel and a low of $45.35 a barrel.