Oil rises as Chinese output drops, U.S. inventories shrink

By Amanda Cooper LONDON (Reuters) - Oil rose by around 1 percent on Wednesday, boosted by evidence of declining production in China and falling U.S. inventories, while an upbeat OPEC statement on its planned output cut also supported the market. Benchmark Brent crude futures were at $52.42 a barrel, up 74 cents on the day by 0922 GMT, while U.S. West Texas Intermediate (WTI) crude oil futures were up 73 cents at $51.02 a barrel. As the world's largest exporters prepare to discuss the first cut i