Crude prices traded near a two-week high at above $77 a barrel today.

US crude gained 8¢ for August to stand at $77.23 a barrel at 01.00 GMT, according to Reuters.

Data from the American Petroleum Institute reveals crude and petrol increased by 1.7 million barrels last week and distillates gained 3.2 million barrels.

The International Energy Agency said global daily oil demand will increase by 1.35 million barrels next year to reach 87.84 million barrels per day, compared with a demand growth of 1.77 million bpd expected this year.