Oil increased in New York as worries over signs of slower economic growth in China were countered by OPEC production cutbacks.
Futures rose to near $47 a barrel, approaching the highest settlement level during the last two weeks. Crude initially fell as much as 2.6 percent as Apple Inc. cited an unforeseen slowdown in China and cut its sales outlook, just days after data showed weakening factory conditions across Asia.
Prices bounced back amid confidence OPEC will push on with promised production cuts, with data showing the group had made an early start on its pledged curbs.
West Texas Intermediate for February delivery was 41 cents higher at $46.95 a barrel as of 1:11 p.m. London time, having earlier dropped as low as $45.35 on the New York Mercantile Exchange. Total volume traded was about 29 percent above the 100-day average. The contract settled $1.13 higher at $46.54 on Wednesday.
Brent for March settlement was 78 cents higher at $55.69 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude climbed 2.1 percent to $54.91 on Wednesday. It traded at a premium of $8.44 to March WTI.
Source : Bloomberg