Crude oil dropped after a report showed that confidence among U.S. consumers unexpectedly declined in August for a second consecutive month, bolstering skepticism that fuel demand will rebound this year. Oil fell as much as 1.8 percent after the Reuters/University of Michigan preliminary index of consumer sentiment decreased to 63.2 from 66 in July. Oil also declined because the dollar gained against the euro, reducing the appeal of commodities to investors looking for an inflation hedge. “Consumers are worried about the economy, and that’s raising concerns about demand,” said Phil Flynn.....Complete Story
