BLBG: Crude Oil Little Changed as Dollar Weakens After Confidence Index Falls
Crude oil futures were little changed, erasing earlier losses as the U.S. dollar weakened against the euro after a gauge of consumer confidence decreased more than forecast in September.
Crude for November delivery fell 8 cents to $76.44 a barrel at 10:40 a.m. on the New York Mercantile Exchange, after falling as low as $75.53.
The dollar fell 0.7 percent to $1.3545 against the euro after the Conference Board, a private research group based in New York, said its confidence index declined to 48.5 from 53.2 the prior month. The median estimate of economists in a Bloomberg News survey was for a decline to 52.1.
To contact the reporter on this story: Moming Zhou in New York at Mzhou29@bloomberg.net;
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.
