Oil Rebounds From Seven-Week Low on Forecast Gain in U.S. Jobs

05/04/2012 07:07 AST

Oil rebounded from a seven-week low in New York before a government report forecast to show that payrolls rose for a fourth month in the U.S., the world’s biggest crude-consuming nation.

Futures advanced as much as 0.7 percent for the first gain in three days after a technical indicator signaled prices may have fallen too far. They dropped 2.4 percent yesterday, leaving West Texas Intermediate futures at the biggest discount to London-traded Brent crude in more than five months. Payrolls in the U.S. probably rose by 205,000 last month, according to Bloomberg survey before the Labor Department report tomorrow.

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