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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, Bloomberg reports.

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.

Crude oil for September delivery rose 1 cent to settle at $93.36 a barrel on the New York Mercantile Exchange. Futures traded between $93.07 and $94.21 today. Prices are up 20% from $77.69 on June 28, the lowest close this year.

Brent oil for September settlement increased $1.08, or 1%, to $113.22 a barrel on the London-based ICE Futures Europe exchange. The European benchmark's premium to West Texas Intermediate crude, the grade traded in New York, increased to $19.86, the highest level in four months.

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