Economics
Oil Rebounds From Two-Week Low on Outlook for European Economy
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Oil rebounded from a two-week low after a report showing improved investor confidence in Germany and a debt sale in Spain that exceeded targets countered concern that European credit may be downgraded.
Crude advanced as much as 0.9 percent after the ZEW Center for European Economic Research said German investor confidence improved for the first time in 10 months. Spain’s sale of 12-and 18-month bills topped the Treasury’s maximum target. Futures fell earlier after Moody’s Investors Service said yesterday it will review all European Union states’ credit ratings and the International Energy Agency cut its 2012 oil-demand forecast.