Crude oil rebounded from a four-week low following a forecast that U.S. retail sales are growing at the fastest pace in four years, a signal that the economy is improving from the worst recession since the 1930s. Oil jumped for the first time in seven days as sales expanded at an average monthly rate of 4 percent in the five months ending in June, according to the International Council of Shopping Centers’ estimate before its June report tomorrow. U.S. oil supplies likely fell last week, a survey showed. “The market is probably trying to grab onto any positive numbers that it’s seeing,” said Matt Smith, a commodities analyst for Summit Energy Inc. in Louisville, Kentucky. “Things have been particularly glum recently.” Crude oil for August delivery gained 91 cents, or 1.3 percent, to $72.89 a barrel at 9:29 a.m. on the New York Mercantile Exchange. The contract fell to its lowest level since June 8 yesterday and lost 8.7 percent in the previous six trading days. Prices have dropped 8.2 percent this year. U.S. oil stockpiles decreased by 2.38 million barrels in the seven days ended July 2 from 363.1 million the week before, according to the median estimate of 12 analysts surveyed by Bloomberg before an Energy Department report tomorrow. To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.

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