MW: Oil turns higher as consumer picture brightens
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures reverted higher Tuesday after a survey showed U.S. consumers are slightly more optimistic about the economy.
Crude for December delivery (CLZ10 82.63, +0.11, +0.13%) added 17 cents, or 0.2%, to $82.69 a barrel on the New York Mercantile Exchange.
Crude started off lower, snapping a two-day winning streak. But futures pared their losses — and later turned positive — after a survey of consumer confidence showed an increase in October. The dollar also moderated its gains.
The Conference Board said its survey of consumer confidence rose to 50.2 from a revised 48.6 in September, topping expectations for a reading of 50. Read more on consumer confidence.
The dollar index (DXY 77.66, +0.55, +0.72%) , which compares the U.S. unit to a basket of six other currencies, was up 0.6% to 77.53 from 77.02 in late Monday North American trading, off the day’s highs.
A stronger dollar generally weighs negatively on commodities as it makes them more expensive to holders of other currencies, diminishing their investment appeal.
Natural-gas prices rebounded after hitting a fresh one-year low on Monday. The expiring November contract (NGX10 3.39, +0.07, +2.08%) gained 7 cents, or 2%, to $3.38 per million British thermal units. The most-active December contract (NGZ10 3.78, +0.11, +3.06%) rose 11 cents, or 3%, to $3.77 per million Btus.
Gasoline futures tracked crude-oil prices higher, also reverting to positive territory after the consumer data. Gasoline for November delivery (RBX10 2.07, +0.00, +0.13%) was up a penny to $2.09 a gallon. The most-active contract, for December delivery (RBZ10 2.06, +0.00, +0.07%) , also added 1 cent to $2.07 a gallon.
