Oil prices were higher today rebounding after the last few days in another volatile session. Falling refined product stocks in Europe and a drop in the 2-year U.S. treasury yields likely lifted oil prices, UBS analyst Giovanni Staunovo said, adding that volatility is likely to persist until investors get clarity on the U.S. Federal Reserve’s next moves. On Wednesday, Japan reported shrinking factory activity for a third straight month in August. Euro zone business activity also declined more than expected and Britain’s economy looked set to shrink in the current quarter. “The U.S. is still in a strong position but there are areas of weakness and if interest rates are going to stay higher for longer, further cracks could appear,” said Craig Erlam, analyst at OANDA. WTI traded up $.16 or .2% to close at $79.05. Brent traded up $.15 or .2% to close at $83.36.