Oil rises on supply cuts, record China demand forecast

By David Gaffen NEW YORK (Reuters) - Oil prices rose more than 1 percent on Thursday on news that key crude exporters, including Saudi Arabia and Russia, were cutting production to reduce a global crude glut, and on forecasts of record demand in China. U.S. crude futures settled up 76 cents to $53.01 a barrel, a gain of 1.5 percent. Brent crude oil settled up 91 cents, or 1.7 percent, at $56.01, off the session high of $56.43 a barrel.