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Oil rebounded after U.S. consumer confidence in May climbed to the highest level in four years, bolstering optimism that the economic growth and fuel demand will accelerate.
Futures erased a 1.5 percent loss after the Thomson Reuters/University of Michigan preliminary index of consumer sentiment reached 77.8, the highest since January 2008. Prices dropped earlier as China’s industrial output slowed in April and concern grew that Europe’s debt crisis will worsen.
Crude oil for June delivery dropped to $95.61 earlier. The contract is 1.4 percent lower this week.
Brent oil for June settlement slipped 22 cents to $112.51 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to West Texas Intermediate was at $15.43, down from $15.65 yesterday.
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