Oil prices extended their recent recovery after a large cut in US interest rates and declining global stockpiles. Prices have gained in the last 5 of 7 sessions. Crude inventories fell to a one year low yesterday and this decline could accelerate next week as exports could rebound significantly. Declining global crude stockpiles should support oil prices going forward, pushing Brent back above $80 in the coming months, UBS analysts said in a note to clients. Refinery output in China slowed for a fifth month in August, statistics bureau data showed over the weekend. China’s industrial output growth also slowed to a five-month low last month, and retail sales and new home prices weakened further. WTI traded up $1.04 or 1.5% to close at $71.95. Brent traded up $1.23 or 1.7% to close at $74.88.