Sept. 26 (Bloomberg) -- Australian stocks snapped two days of gains, led by Woodside Petroleum Ltd. and Santos Ltd. after oil fell below $80 in New York.
BHP Billiton Ltd. dropped from a record on concern its shares have risen too far too fast.
The S&P/ASX 200 slipped 20.50, or 0.3 percent, to 6,462.50 as at 10:17 a.m. in Sydney, after closing at a record yesterday. More than one stock dropped for each that gained.
Woodside, Australia's second-biggest oil producer, fell 64 cents, or 1.3 percent, to A$48.46. Santos, the third-biggest producer, lost 32 cents, or 2.2 percent, to A$14.48. Roc Oil Co., an Australian company exploring for oil in Angola, declined 7 cents, or 2.1 percent, to A$3.30.
Crude oil traded below $80 after falling the past three days on signs U.S. production and fuel stockpiles will be sufficient to meet winter demand. Oil for September delivery traded recently at $79.62 a barrel on the New York Mercantile Exchange.
BHP, the world's largest miner, dropped A$1.05, or 2.3 percent, to A$43.57. The stock's relative strength index, based on its 14-day moving average, rose above the 70 level which suggests it is poised to fall.
The company boosted by 75 percent estimates for resources at its Olympic Dam copper, gold, uranium mine in Australia. The mine's total resources are estimated at 7.7 billion dry metric tons of ore from 4.4 billion tons last year, Melbourne-based BHP said in its 2007 annual report lodged today.
The S&P/ASX 200's futures contract for December fell 0.6 percent to 6,520. The broader All Ordinaries Index declined 0.3 percent to 6,469.20.
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