Oil Rises First Time in Three Days on German Confidence
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Oil rose for the first time in three days in New York, erasing this week’s decline, after German business confidence unexpectedly increased.
Futures gained as much as 1.1 percent after the Munich-based Ifo institute said today its business climate index, based on a survey of 7,000 executives, rose to 109.9 from 109.8 in March. Economists forecast a drop to 109.5, according to the median of 40 economists in a Bloomberg News survey. Oil may resume its decline next week on speculation that the U.S. economic recovery will slow, reducing demand for crude, and tension with Iran will ease, a Bloomberg survey showed.