Oil rises on OPEC output cuts, China demand forecast

By Christopher Johnson LONDON (Reuters) - Oil prices rose on Thursday, supported by reports OPEC was starting to cut output and expectations of strong demand growth in China, but rising U.S. crude inventories reinforced concerns over plentiful global supplies. Brent crude oil was up 25 cents at $55.35 a barrel by 0930 GMT. Several OPEC members appear to be implementing the deal.