Oil prices rose on Thursday in a session of volatile trade, pressured by concerns that slowing global economic growth could dent demand but drawing support from signs that Saudi Arabia is cutting crude output.
U.S. West Texas Intermediate crude oil futures ended Thursday's session up 55 cents, or 1.2 percent, to $47.09 a barrel. Brent crude futures were up 91 cents, or 1.7 percent, at $55.82 a barrel by 2:26 p.m. ET.
Prices traded in a wide range, with Brent hitting a session high of $56.30 a barrel and a low of $53.93 a barrel. WTI posted a session high of $47.49 a barrel and a low of $45.35 a barrel.
Crude futures mirrored volatility in other markets after tech giant Apple cut its sales forecast, citing a slowdown in China. The news rattled U.S. equity markets and weighed on oil prices, which have recently moved in tandem with Wall Street.