West Texas Intermediate and Brent crudes increased after China , the world’s second-largest oil-consuming country, cut interest rates to bolster its economy. WTI rose 0.9 percent and Brent 1.3 percent after the People’s Bank of China lowered lending and deposit rates for the first time since 2012. Half of the 20 analysts surveyed by Bloomberg News predict the Organization of Petroleum Exporting Countries will reduce output at a meeting next week, while the rest forecast no change. “The Chinese announcement ambushed everyone and we’re seeing all the markets react,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York , said by phone. “The interest rate cut is leading to the perception that fuel demand will gain.” WTI for January delivery advanced 66 cents to settle at $76.51 a barrel on the New York Mercantile Exchange . Prices rose 0.9 percent this week, the […]