Chinese benchmark interest rate cut boosts oil prices NEW YORK, Nov. 21 (UPI) -- A decision by China to cut a benchmark interest rate for the first time in more than two years helped lift crude oil prices to positive territory Friday. Brent for January delivery increased nearly $1.50 early Friday to trade near the $81 mark, recovering from last week's first yearly slump below the psychological threshold of $80 per barrel. Crude oil prices this week rose amid tensions over the status of multilateral talks over Iran's nuclear program and in expectation of production talks next week by members of the Organization of Petroleum Exporting Countries. The surprise slip into recession for the Japanese economy put a further dent on oil prices to start the week, though Chinese inflation moves pushed Brent prices higher. The Central Bank in Beijing said it was lowering its benchmark interest rate for one-year deposits by 25 points and for lending by 40 points, starting Saturday. It's the first such move since July 2012 and comes at a time when Beijing is trying to stress quality or quantitative economic growth. Chinese gross domestic product for the third quarter grew by 7.3 percent, compared with 7.5 percent from the previous quarter. Chinese economic growth has led an increase in oil demand. Chinese government data show crude oil imports were up 18 percent in October year-on-year. West Texas Intermediate, the U.S. price benchmark, followed Brent's lead early Friday, gaining nearly $1 to trade at $76.77 for the January contract.