Crude Oil Rebounds to $100 After Biggest Weekly Loss Since 2008
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Oil rose in New York, rebounding from the biggest weekly decline since 2008, as signs that the global economic recovery remained intact stoked speculation the slump was exaggerated.
Futures climbed as much as 3.6 percent, snapping a five-day losing streak, after a report today showed German exports surged in March to the highest monthly value ever recorded and the U.S. Labor Department said May 6 that payrolls expanded more than forecast. The world economy isn’t weak enough to justify a freefall in prices, Qatar Oil Minister Mohammed bin Saleh al-Sada said yesterday.