Oil Prices Rise Above $77

2 December 2009 (Last Updated December 2nd, 2009 18:30)

US crude oil prices rose above $77 a barrel today after recording a 2.3% decline yesterday due to a higher-than-anticipated increase in crude inventories. For January delivery, NYMEX crude increased by 72¢ to $77.32 a barrel at 8:37am GMT, while Brent crude rose by 87¢ to

US crude oil prices rose above $77 a barrel today after recording a 2.3% decline yesterday due to a higher-than-anticipated increase in crude inventories.

For January delivery, NYMEX crude increased by 72¢ to $77.32 a barrel at 8:37am GMT, while Brent crude rose by 87¢ to $78.75 a barrel, according to Reuters.

US government data triggered yesterday's decline in oil prices as it depicted a 2.1 million barrels increase in crude stocks, more than previously forecast.