B

Step 1: Understand Kepler's laws of planetary motion, specifically the second law which states that a line segment joining a planet (or satellite) and the sun (or Earth) sweeps out equal areas during equal intervals of time.
Step 2: As the satellite moves closer to the Earth, the gravitational force increases, causing the satellite to accelerate. Hence, its speed increases.
Step 3: Conversely, when the satellite is farther from the Earth, the gravitational force is weaker, and the satellite moves more slowly.
Step 4: Therefore, the speed of the satellite is maximum at its closest point (perigee) and minimum at its farthest point (apogee).
Therefore, Option B is the correct answer.