SINGAPORE (Commodity Online) : Global oil prices rose marginally in Asian trade Thursday mainly after positive trends in local equity markets.
Light sweet crude for August delivery was seen trading at $76.48 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 76.41 a barrel in London.
Asian stocks showed positive trends Thursday after US stocks ended slightly lower overnight Fed's monetary policy statement, suggesting interest rates will remain near zero longer than expected.
On Wednesday, oil prices plunged on higher than expected US reserve estimates and signs of a limited economic recovery.
US Department of Energy said American crude reserves soared by 2.0 million barrels in the week to June 18, indicating weaker demand for energy.
U.S. gasoline inventories last week fell by 800,000 barrels, with demand over the past four weeks up 1.2 percent over the comparable period last year. Distillate stocks rose by 300,000 barrels, while demand jumped 12 percent
Light sweet crude for delivery in August, dived $1.50 to $76.35 a barrel. Brent North Sea crude for August delivery tumbled $2.13 to $76.27 per barrel .