China’s interest-rate cuts snap weeks-long decline in oil prices

 Crude-oil futures got a big bump Friday after the People’s Bank of China announced a surprising swath of interest-rate cuts intended on boosting its economy.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, +1.15%  rose 66 cents, or 0.9%, to settle at $76.51 a barrel. On the week, crude gained 0.9%, snapping a seven-week losing streak.

January Brent crude on London’s ICE Futures exchange LCOF5, +1.30%  gained $1.03, or 1.3%, to end at $80.36 a barrel. On the week, Brent gained 1.2%, ending an eight-week losing stretch.