Nov. 11 (Bloomberg) -- The yen climbed against the dollar and euro after Japanese machine orders rose more than forecast, adding to evidence the econ

Nov. 11 (Bloomberg) -- Oil traded near $79 a barrel in New York after falling as an industry report showed an increase in crude stockpiles and the dollar climbed, curbing the appeal of commodities to investors.

Oil declined 0.5 percent yesterday after the American Petroleum Institute said crude inventories increased 1.22 million barrels last week to 337.5 million. The government will report its supply figures tomorrow. Prices also fell as the dollar rose against the euro.

“We are still pinned to the financial markets,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “Economic indicators are the leaders right now, so we will keep an eye on the dollar and S&P 500.”

Crude oil for December delivery traded at $78.93 a barrel, down 12 cents, in electronic trading on the New York Mercantile Exchange at 10:24 a.m. Sydney time. Yesterday, the contract fell 38 cents to settle at $79.05. Prices have gained 77 percent since the start of the year.

Most U.S. stocks fell as earnings disappointed investors. Eight stocks dropped for every five that rose on the New York Stock Exchange. The dollar traded at $1.4986 per euro at 10:26 a.m. in Sydney, from $1.4993 yesterday.

Tropical Depression Ida weakened and blew ashore on the U.S. mainland yesterday. Chevron Corp. said its Mississippi refinery was unaffected and Murphy Oil Corp. plans to resume output at its offshore Thunder Hawk platform today.

Demand Projection

The International Energy Agency cut its long-term forecast for global oil demand yesterday as the economic crisis reduces consumption in developed economies and environmental policies encourage alternative energy use.

Global oil demand is expected to advance 1 percent a year to 105 million barrels a day by 2030 from 85 million in 2008, the adviser to 28 nations said in its annual World Energy Outlook. The figure is below last year’s 2030 estimate of 106 million barrels a day.

The Energy Department will report that U.S. inventories of crude oil rose 1 million barrels last week, according to the median of 15 estimates by analysts surveyed by Bloomberg News.

The department is scheduled to release its weekly report tomorrow at 11 a.m. in Washington, a day later than usual because of the Veterans’ Day holiday today.

The Petroleum Institute collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.

Brent crude for December settlement fell 27 cents, or 0.3 percent, to end the session at $77.50 a barrel on the London- based ICE Futures Europe exchange yesterday.