SINGAPORE (Commodity Online) : Global oil prices remained below $78 a barrel in Asian trade Thursday as the market awaits a crucial energy report from the US.

Light sweet crude for March delivery was seen trading at $77.61 a barrel at 11.30 a.m while Brent crude was at $76.10 a barrel at the same time.

US Department of Energy will release its latest report of crude reserves later Thursday.

On Wednesday, the black gold dropped after China's efforts to cool its economy by credit crunch.

New York's main contract, light sweet crude for February delivery, shed $1.40 to settle at $77.62 a barrel.

London's Brent North Sea crude for delivery in March eased $1.31 to $76.32 a barrel.

A strengthening greenback also weighed on prices because it makes the dollar-priced commodity more expensive to buyers who hold weaker currencies.

The euro tumbled under $1.42 as worries mounted over the outlook for the European economy in light of weak German data and Greece's fiscal woes.