Oil falls to near $81 as stock market rally
Oil prices fell to near $81 a barrel on Tuesday in Asia as a global stock market rally stalled ahead of key corporate earnings results.business Updated: Oct 12, 2010 14:38 IST
Oil prices fell to near $81 a barrel on Tuesday in Asia as a global stock market rally stalled ahead of key corporate earnings results.
Benchmark oil for November delivery was down 77 cents to $81.44 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 45 cents to settle at $82.21 on Monday.
Oil broke out of a yearlong trading range in the $70s last month fueled by a jump in equities and a falling US dollar, but it's struggling to hold above $80. Most Asia stock indexes dropped Tuesday after a flat session on Wall Street. The euro fell to $1.3808 from $1.3862 on Monday.
"With equities staying flat, oil has lost its fizzle," Sander Capital Advisors said. "The price of oil could easily fall back below $80 a barrel."
Investors will be watching closely for clues about the strength of the US economy in results this week from Intel Corp.