Brent crude extended its rebound on speculation that a 25 percent drop from this year’s high was excessive. West Texas Intermediate was little changed after falling below $80 yesterday. Brent pared its fourth weekly loss. The recent slump in prices was “too much too soon” and the supply glut “is not yet here today,” Goldman Sachs Group Inc. said in a report yesterday. Oil is paring its collapse as banks including BNP Paribas SA and Bank of America Corp. predict the rout may soon be over. “You’ve probably seen the worst,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis , which oversees $2.4 billion of assets. For WTI, “my hunch is that we will hold the $80 level. But I won’t be shocked if we do retest it.” Brent for December settlement increased 34 cents to end at $86.16 on the London-based ICE Futures […]