Oil Rebounds From One-Week Low on U.S. Demand Outlook

Oil advanced for the first time in three days in New York, trimming a weekly decline as investors bet that fuel demand will increase with an economic recovery in the U.S., the world’s biggest crude consumer.

Futures climbed as much as 0.5 percent, rebounding from the lowest settlement in more than a week, before data that may show U.S. consumer confidence rose to a one-year high and industrial production increased. Jobless claims fell last week to a four-year low, the Labor Department reported yesterday. Oil also gained after the U.S. and U.K. said they haven’t reached an agreement to release emergency stockpiles to counter rising prices following Western sanctions against Iran.