Oil rises on European stock draw despite demand slowdown forecast

Brent crude futures gained $1.15, or 2%, to settle at $58.53 a barrel. U.S. West Texas Intermediate crude futures rose $1.96, or 3.7%, to settle at $54.50 a barrel.

NEW YORK: Oil prices rose more than $1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008.

Brent crude futures gained $1.15, or 2%, to settle at $58.53 a barrel. U.S. West Texas Intermediate crude futures rose $1.96, or 3.7%, to settle at $54.50 a barrel.