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Oil hovers above $77

17 February 2010 08:31 (UTC +04:00)

Bakuâ€“APA-Economics. Oil rose above $77 a barrel on Wednesday, supported by the weaker dollar and rally in equities markets, as optimism over the global economy stoked hopes for higher fuel demand, Reuters reported.

Asian stock markets, led by Japan and Hong Kong, extended their rise after U.S. shares posted their biggest daily percentage gain in three months on Tuesday, signaling a return of risk appetite among investors.

U.S. crude for March delivery climbed 31 cents to $77.32 a barrel at 0608 GMT, marked by thin trading volumes, after closing up 3.9 percent on Tuesday, the highest percentage gain since the 5.8 percent rise on September 30.

London Brent for April rose 22 cents to $75.90 a barrel.

Trade was still muted in most parts of Asia as traders slowly returned from holidays.

Crude oil inventories in the United States were expected to have risen by 1.9 million barrels in the week ended February 12, as imports that had been delayed by weather along the Gulf Coast came ashore, an initial Reuters found.

Distillate stocks, which include heating oil and diesel, fell 1.6 million barrels, with demand for heating oil seen higher after two heavy snowstorms hit the U.S. East Coast, while gasoline supplies rose 1.6 million barrels, the poll showed.