The ICE January Brent futures contract settled $1.03 higher at $80.36/b Friday after a surprise interest rate cut by the Chinese central bank lifted hopes the world’s second largest economy could grow faster. Crude benchmarks on both sides of the Atlantic closed at their highest levels since November 12. NYMEX January crude futures ended the session 66 cents higher at $76.51/b. NYMEX refined products also rallied. December ULSD futures settled 2.45 cents higher at $2.4045/gal, while front-month NYMEX RBOB futures closed 2.89 cents higher at $2.0565/gal. The People’s Bank of China unexpectedly cut benchmark interest rates for the first time since the summer of 2012 in an attempt to revive economic growth after a string of disappointing data, AFP reported. Article continues below… Listen every Monday to Capitol Crude: The Platts US Oil Policy Podcast Every Monday, Capitol Hill newshounds Herman Wang and […]