Global crude oil prices climbed above $77 a barrel on Thursday in Asia led by drop in US crude supplies due to forecasts of further drop in stocks in the world's top energy consumer.

Oil prices raised $2.27 on Wednesday following the announcement by the Energy Department regarding fall in US oil inventories. The oil stock declined 4.9 million barrels as per latest information against the earlier projected drop of 2.0 million barrels by Platts, the energy information arm of McGraw-Hill Cos.

Crude prices were at $69 a barrel last week but expectations of rise in oil demand in Asia owing to recovering economy fueled oil prices. Crude rates are projected to lie between $75 and $85 in
2010.

Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd said, "Before the Christmas and holiday season by the end of last week, momentum of the crude oil market was quite bearish and the market has been a little bid oversold."

Gasoline prices rose 1.03 cents to $1.98 while oil rose 0.82 cent to $2.02 in other Nymex trading in January contracts. Brent crude for February delivery surged to $76.02 on the ICE Futures exchange on accounts of prevailing notions of rise in oil demand in coming time.