WTI fights off $80 per barrel mark

An expected cut in Saudi crude oil production and reports of higher U.S. output helped keep the price for West Texas Intermediate above $80 in Thursday trading.

WTI for December delivery bounced back from a low mark of $80.05 per barrel to move above $81 in early Thursday trading.

The move comes on word Saudi Arabia was cutting oil supply to around 9.4 million barrels per day.

Some members of the Organization of Petroleum Exporting Countries are working to shore up market positions in a bear market for oil. Supplies have outstripped demand in recent weeks, though both WTI and Brent, the international benchmark, have recovered.

China, a leading energy consumer, said this week its economy was healthy despite signs of a recent slowdown.

For North America, the U.S. Energy Information Administration said in a weekly petroleum status report crude oil stockpiles were just shy of 378 million barrels, up about 1.89 percent from one week ago.

Brent for December delivery was up nearly $1 per barrel early Thursday to $85.66, showing signs its moving beyond a long string of declines.