Oil dips near $77 in Asian trade.
Global oil prices eased in Asian trade Thursday but stayed above $77 a barrel on reports of up trends in US economic recovery. Light sweet crude for March delivery was seen trading at $77.04 a barrel at 11.30 a.m Singapore time while Brent crude for April delivery was at $$75.96 a barrel at the same time in London.
Analysts said oil drops on stronger dollaralso dampened other commodities, outweighing upbeat news on the U.S. economy.
The dollar rose to near nine-month highs on the euro, which was hounded by sovereign debt woes and weak growth outlook, in contrast to news that Federal Reserve policy makers, confident in the U.S. recovery, aim to begin selling securities soon.
The dollar index .DXY rose 0.2 percent against a basket of currencies to near seven-month highs, making oil and other commodities more expensive for holders of other currencies.
The U.S. Energy Information Administration's oil inventory report will be published on Thursday.
On Wednesday Oil rose towards $78 a barrel, supported by the dollar and by stock market gains, as investor risk appetite resumed after concerns about a euro zone debt crisis subsided.
March delivery rose 57 cents to $77.58 a barrel, after closing 3.9 percent higher on Tuesday, the highest percentage gain since a 5.8 percent rise on Sept. 30.
London Brent crude for April climbed 64 cents to $76.32 a barrel.