Oil Steadies at More Than $77

28 October 2009 (Last Updated October 28th, 2009 18:30)

Oil prices steadied at more than $77 a barrel on Thursday, pausing from the previous session's decline of 2.6% as investors await economic data to gauge the pace of economic recovery. US crude for December delivery slipped $0.06 to $77.40 a barrel by 08.05 GMT (4.05am EDT), after settl

Oil prices steadied at more than $77 a barrel on Thursday, pausing from the previous session's decline of 2.6% as investors await economic data to gauge the pace of economic recovery.

US crude for December delivery slipped $0.06 to $77.40 a barrel by 08.05 GMT (4.05am EDT), after settling down $2.09 at $77.46 on Wednesday 28 October on government data that showed a surprise build in US gasoline inventories last week.

London Brent crude edged up $0.05 to $75.91.

Analysts said that traders were likely to remain wary ahead of the US gross domestic product (GDP) data due later on Thursday, reported Reuters.

The market expects the world's largest economy to expand 3.3% in the third quarter.

Oil demand in Japan, the world's third-largest energy consumer, looks to have declined by its greatest amount in five months in September, Reuters projections based on industry data showed.