Oil Rebounds From One-Month Low on Germany Confidence
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Oil rebounded from the lowest close in almost a month in New York as German investor confidence jumped in December on speculation Europe’s largest economy will gather momentum next year.
Futures rose as much as 1 percent after falling for a fifth day yesterday, the longest losing streak since October. The ZEW Center for European Economic Research said its index of investor and analyst expectations climbed to 6.9 from minus 15.7 in November. U.S. crude inventories declined 2.5 million barrels last week, according to a Bloomberg News survey. Industrial output in China rose faster than economists estimated, official data showed Dec. 9.