Oil prices rose Thursday as traders closed out positions following a sharp slide so far this month, but concerns about swelling U.S. inventories and increased Iranian output capped price gains. Light, sweet crude settled up 72 cents, or 2.4%, to $31.20 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 72 cents, or 2.4%, to $31.03 a barrel on ICE Futures Europe. This week, both contracts fell below $30 a barrel for the first time in more than a decade . Prices have fallen steeply since the beginning of the year, with both benchmarks still down more than 15% year-to-date. “Some of the sellers took a little profit out,” said Gene McGillian, senior analyst at Tradition Energy. Money managers, including hedge funds, added bets that oil prices would fall in the week ended Jan. 5, according to the Commodity Futures Trading Commission. “The market […]