“Oil rose in New York after China cut benchmark lending and deposit rates for the first time since 2008, while policy makers in the U.S. and Europe indicated they may take steps to boost their economies.
West Texas Intermediate futures gained as much as 1.8 percent, reversing earlier declines after the People’s Bank of China said on its website that the benchmark one-year deposit rate will drop by 0.25 percentage points from tomorrow. Federal Reserve Vice Chairman Janet Yellensaid the U.S. remains vulnerable to setbacks that may warrant additional monetary stimulus. European Central Bank President Mario Draghi said officials are ready to act as the euro area’s outlook worsens.”
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