Oil prices increased to over $77 a barrel due to a higher than anticipated fall in crude and fuel stocks and a halt in the rising dollar value.
For February delivery, US crude prices increased by 73¢ to $77.40 a barrel at 2:04am EST, while London Brent crude rose by 67¢ to $76.12 a barrel, reports Reuters.
Today's crude prices represent the highest since 4 December, and the contract has increased by roughly $7 since 14 December.
Last week, crude oil stock in the US fell by 4.9 million barrels to 327.5 million barrels, according to the inventory data from the Energy Information Administration, which is more than earlier predictions of a 900,000 barrel decline.
Stocks of distillate fell by more than anticipated by 3.1 million barrels, while gasoline dropped by 900,000 barrels.