Oil rises in volatile session amid OPEC supply cuts

MEDIA IN \ Agencies 04-01-2019

Oil prices rose more than 1 percent in a volatile session, boosted by signs that Saudi Arabia was cutting crude output, but was under pressure over fears a global economic slowdown could cut demand for crude.
Brent crude for July delivery rose $ 1.04 or 1.89 percent to settle at $ 55.95 a barrel.
Western Texas Intermediate crude futures rose 55 cents, or 1.18 percent, to settle at $ 47.09 a barrel.
Prices moved in wide ranges, with Brent hitting a session high of $ 56.30 a barrel and a low of $ 53.93 a barrel. US crude hit a session high of $ 47.49 a barrel, while hitting a low of $ 45.35 a barrel.
Futures were supported by signs of a drop in supplies from the Organization of the Petroleum Exporting Countries (OPEC). A Reuters survey showed that OPEC’s supply of oil fell in December at the highest pace in nearly two years, as Saudi Arabia, the largest exporter of crude, began to implement the agreement to reduce supplies. But fears about a global economic slowdown have limited oil price gains.
Investors were wary of rising supplies from a number of major producers, including the United States and Russia.