SINGAPORE (Commodity Online) : Global oil prices dropped below $76 a barrel in Asian trade Wednesday mainly on declining market enthusiasm over a huge Eurozone rescue package.

Light sweet crude for June delivery was seen trading at $75.84 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 80.34 a barrel at the same time in London.

Analysts said mounting concern that emerging economies would fail to compensate for potential consumption declines triggered by Europe's debt crisis hit the black gold.

Gold was also hit by concerns over high China inflation that could slow global economic growth.

Meanwhile, American Petroleum Institute (API) said Tuesday that crude stockpiles at Cushing rose to a new record high of more than 37 million barrels last week.

The API said crude stocks rose by a less-than-expected 362,000 barrels in the week to May 7, while gasoline stocks posted a surprise drop of 906,000 barrels. Distillates, which include heating oil and diesel fuel, edged up 94,000 barrels.

The U.S. Energy Information Administration (EIA) raised its 2010 world oil demand growth forecast from its previous estimate in a monthly short-term energy outlook published on Tuesday.

U.S. crude had touched $87.15 on May 3, its highest level in almost 19 months, on optimism that the global economic recovery would boost demand after two straight years of declines.

On Tuesday, New York's main contract, light sweet crude for June delivery, fell 43 cents to close at $76.37 a barrel. In London, Brent North Sea crude for June rose 37 cents to settle at $80.49 a barrel.