Oil Rebounds From Two-Week Low as Confidence in Recovery Grows

Oil rebounded from its lowest in almost two weeks as growing confidence in the economic recovery made yesterday’s price slump appear excessive.

Crude pared its third weekly decline in four as German business confidence unexpectedly rose to a record high in January amid booming exports to Asia. French business confidence jumped to its highest in almost three years. Oil may still fall next week on speculation China, the world’s largest energy user, will raise interest rates to combat inflation, according to a Bloomberg News survey.