Oil prices fell to $77 a barrel today after an industry report revealed unexpected gains in US crude and petrol stocks.

For August delivery, US crude fell 33¢ to stand at $77.52 a barrel by 06.30 GMT, while London Brent crude dropped 35¢ to $77.69 a barrel, according to Reuters.

Data from the America Petroleum Institute showed that crude stockpiles rose by 3.7 million barrels last week and distillates and petrol supplies gained 1.1 million barrels and 810,000 barrels, respectively.

Global markets plunged after a report revealed that sales of existing US homes dropped unexpectedly in May, raising concerns about global economic recovery prospects.