Oil rose in choppy trade as recent declines below $80 lured some investors back for bargains while the market waited to see whether the U.S. would match China’s plans to release strategic reserves. Futures in New York closed up 0.8% on Thursday. Buyers were attracted by lower prices after both crude benchmarks fell below their 50-day moving averages in the previous session. Political headlines kept trading volatile. China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale as both nations work together to keep a lid on energy costs.