Oil up $1 on OPEC output cuts, China demand forecast

By Christopher Johnson LONDON (Reuters) - Oil prices rose more than $1 a barrel on Thursday on reports key OPEC members were starting to cut production as promised and on forecasts of strong demand growth in China. Brent crude rose $1.20 a barrel to a high of $56.30 before easing slightly to trade around $56.20 by 1330 GMT. Several OPEC members appear to be implementing the deal.