Oil Is Steady as Consumer Confidence Climbs, Dollar Rebounds

Crude oil was little changed after confidence among U.S. consumers climbed in October from a seven-month low and the dollar rose against the yen and euro.

Oil rebounded after the Conference Board’s confidence index increased to 50.2 from a revised 48.6 in September. Futures dropped below $82 a barrel earlier today as the dollar advanced from its lowest level in 15 years versus the yen on concern Japan will renew action to weaken its currency. A stronger dollar curbs the appeal of commodities as an investment.