Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses.

Oil prices rose more than 1% on Thursday after a large interest rate cut from the U.S. Federal Reserve, helping Brent to recover from below $69 last week - its lowest all year - to above $74. Brent crude futures were up 90 cents,