Oil settles slightly higher; trading volatile

By Julia SimonNEW YORK (Reuters) - Oil prices settled slightly higher on Wednesday after a choppy trading session as the market digested U.S. government data showing that while there were signs a crude glut may be receding, inventories remained large with gasoline demand weak.In early trading, WTI fell as low as $47.30, the lowest since March 27, after the U.S. Energy Information Administration (EIA) said weekly crude stocks fell by 930,000 barrels to 527.8 million.If prices break below that lev