Oil falls below $82 as stock market rally wanes

SINGAPORE — Oil prices fell below $82 a barrel Tuesday in Asia as a global stock market rally stalled ahead of several key corporate earnings results. Benchmark oil for November delivery was down 61 cents to $81.60 a barrel at midday 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. The Dow Jones industrial average was little changed Monday, most Asia stock indexes dropped Tuesday while the euro was steady against the dollar. "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., JPMorgan Chase & Co. and General Electric Co. as quarterly earnings season heats up. In other Nymex trading in November contracts, heating oil was steady at $2.269 a gallon and gasoline fell 1.15 cents to $2.154 a gallon. Natural gas dropped 2.6 cents to $3.575 per 1,000 cubic feet. In London, Brent crude slid 49 cents to $83.32 a barrel on the ICE Futures exchange. — AP