Oil rallies to settle up $1 a barrel

Oil markets have been trapped in a range as traders wait to see whether OPEC production cuts can outweigh U.S. supply growth. "U.S. crude could be in consolidation from $51 to $55 for awhile, until there's more evidence on OPEC production cuts or more evidence of production picking up or stabilizing in the U.S.," said Bill Baruch, senior market strategist at iitrader.com.