Crude oil recovered from earlier losses as European equity markets opened higher and the euro pared its decline against the dollar. Crude for August delivery was up 8 cents at $76.70 a barrel on the New York Mercantile Exchange at 8:14 a.m. London time after falling as low as $76.27. The euro traded at $1.2923 after slipping to $1.2890, and the Europe Stoxx 600 index was up 0.4 percent. Futures had fallen earlier after reports of a slowdown in U.S. manufacturing raised concern fuel demand will falter in the world’s biggest energy user. Oil is poised for a 0.8 percent gain for the week, after climbing 5.5 percent last week. Crude may fall next week after government reports signaled that the U.S. economic recovery will slow, reducing fuel demand, a Bloomberg News survey showed. Thirteen of 33 analysts, or 39 percent, forecast crude oil will decline through July 23. Twelve respondents, or 36 percent, predicted that futures will be little changed and eight saw an increase. Last week, 53 percent of analysts forecast a gain. To contact the reporters on this story: Grant Smith in London at gsmith52@bloomberg.net

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