Crude Oil Increases as U.S. Confidence Gains and Dollar Declines

Crude oil rose after U.S. consumer confidence climbed from an eight-month low and as concern the country will default on its debts sent the dollar lower.

Futures increased 0.4 percent as the Conference Board’s index rose to 59.5 in July from a revised 57.6 reading the prior month. President Barack Obama cautioned of a “deep economic crisis” without a compromise to avert an Aug. 2 default. The dollar dropped on the warning, bolstering the appeal of dollar-denominated raw materials such as oil.