Oil Steady as U.S. Jobless Claims Fall, Dollar Rallies

Oil was little changed as reports signaled that the U.S. economy was strengthening and the dollar surged against the euro, curbing investors’ appetite for commodities.

Futures, which climbed in intraday trading after reports that initial jobless claims dropped last week and the U.S. trade deficit was less than expected, retreated as the dollar advanced against the euro on concern Europe’s economy will deteriorate further. A rising U.S. currency and weakening euro decrease the appeal of raw materials as an investment.