Oil futures rose Thursday on news that top world oil exporter Saudi Arabia had cut back production in response to flagging demand, and after China reported strong demand for its exports. U.S. crude oil rose to a 16-week high of $94.70 a barrel before settling at $93.82, up 72 cents on the day. Brent crude rose as high as $113.29 a barrel before settling at $111.89, up 13 cents. OPEC's top producer slashed oil production by 700,000 barrels per day