Oil rises about 2 percent on supply cuts, record China demand forecast

By Christopher Johnson and David Gaffen LONDON/NEW YORK (Reuters) - Oil prices rose nearly 2 percent on Thursday on news that key crude exporters, including Saudi Arabia and Russia, were cutting production as promised in a deal to reduce a global glut and on forecasts of record demand in China. Brent crude oil hit a high of $56.43 a barrel before easing slightly, and it was up 95 cents at $56.05 by 1:00 p.m. ET (1800 GMT). Saudi Energy Minister Khalid al-Falih said the kingdom had cut production