Oil prices dropped to $77 a barrel today aided by rising fuel stockpiles and easing weather fears in the Gulf of Mexico.

For September delivery US crude fell 39¢ to stand at $77.63, while London Brent crude dropped 50¢ to settle at $77.14 a barrel, reports Reuters.

The Energy Information Administration said global oil demand growth for 2010 and 2011 will be up as long as the economic recovery is not slower than expected.