Foreign cuts boost oil prices
HOUSTON — Oil prices rose sharply Wednesday as a large interest rate cut in China and news of a possible Russian output cut appeared to counter another round of dour economic news and larger-than-expected U.S. crude stockpiles. Trading followed this week’s established pattern of volatility in the oil markets. Light, sweet crude for January delivery jumped more than 7 percent, or $3.67 to settle at $54.44 a barrel on the New York Mercantile Exchange. Oil opened the week with a 9 percent swing upward Monday after the U.S. said it would bail out Citigroup, followed by a nearly 7 percent decline the following day on a raft of ominous economic data.
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