Oil prices rose more than 1 percent on Thursday in 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 futures gained $1.04 to settle at $55.95 a barrel, a 1.89 percent gain. US West Texas Intermediate (WTI) crude 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.