SINGAPORE (Commodity Online) : Global oil prices continued its overnight gains in Asian trade Wednesday mainly on signs of increase in fuel demand amid strong stocks and weak dollar.
Light sweet crude for August delivery was seen trading at $77.19 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 76.75 a barrel in London.
Stock markets across Asia rose to a three-week high, following the sixth straight rally for Wall Street, led by the technology sector after chip-maker Intel results beat expectations.
The euro held firm near 2 month highs after Greece successfully returned to the capital markets a day earlier
On Tuesday, New York's main contract, light sweet crude for delivery in August, jumped $2.20 to $77.15 a barrel, the highest level since June 28. London Brent North Sea crude for August soared $2.28 to $76.65 a barrel
The IEA increased its global oil demand forecast for 2010 by 80,000 barrels per day, while at the same time predicting slower demand growth next year.
Oil markets were also watching the latest monthly report from the International Energy Agency.