Oil prices jumped Friday after China surprised the market by cutting interest rates, fanning hopes of increased demand from the world’s second-largest crude consumer. The news came at a key time for oil. Prices had fallen 30% since June on worries about global production outpacing demand, and there is a growing expectation that the Organization of the Petroleum Exporting Countries will announce production cuts when the cartel meets next week. A stimulus for the Chinese economy is something that brings macroeconomic investors into all kinds of commodity markets, oil included, said Andrew Lebow, senior vice president for energy derivatives at Jefferies Bache LLC. With lower interest rates, the Chinese could spend freely enough to support 100,000 barrels of oil demand growth in 2015 in a best-case scenario, he said. “No question I think the market was excited today,” Mr. Lebow said. “The […]