Oil fell from near a two-month high in Forex Online Trading

Oil fell from near a two-month high in Forex Online Trading

Oil fell from near a two-month high in Forex Online Trading after equities slipped and as the dollar rose against the euro for a second day.

Futures retreated yesterday after U.S. stock markets declined for the third time in four days and the dollar gained, as investors sought more stable assets instead of commodities.

An Energy Department report tomorrow will probably show crude supplies rose last week, according to a Bloomberg News survey.

The November contract fell as much as 32 cents, or 0.4 percent, to $81.15 a barrel in electronic trading on the New York Mercantile Exchange. It was at $81.29 at 11:44 a.m. Singapore time. Yesterday it lost 11 cents to $81.47.

Oil closed at $81.58 on Oct. 1, the highest level since Aug. 5. Prices are up 2.4 percent this year.

The Standard & Poor’s 500 Index dropped 0.8 percent yesterday and the Dow Jones Industrial Average shed 0.7 percent. Asian equity markets fell for the first time in three days with the MSCI Asia-Pacific Index slumping 0.4 percent o 126.66 as of 12 p.m. Tokyo time.

Crude rose earlier yesterday after the U.S. Commerce Department reported that orders for non-military capital goods excluding planes climbed 5.1 percent.

The dollar strengthened from a six-month low against the euro as concern that Europe’s major banks are undercapitalized made the region’s assets less attractive. The greenback traded at $1.3647, up 0.3 percent, after rising 0.8 percent yesterday.