Oil Rises From Three-Week Low on Speculation of More U.S. Jobs
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Oil rebounded from the lowest close in almost three weeks in New York before a report that may show hiring in the U.S. increased.
Futures rose as much as 0.9 percent, trimming a second weekly decline. Employers probably added 100,000 workers in July after an 80,000 gain in June, according to a Bloomberg News survey ahead of government data today. Tropical Storm Ernesto may develop into a Category 1 hurricane by Aug. 6, the U.S. National Hurricane Center said. Oil fell 2 percent yesterday after the European Central Bank failed to assure investors it was ready to take immediate steps to support the economy.