Oil Prices Hovers Above $77 in Asia

SINGAPORE: Oil prices hovered above $77 a barrel Wednesday in Asia after surging the previous day amid expectations a growing U.S. economy will fuel increased crude demand.

Benchmark crude for March delivery was up 37 cents at $77.38 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.88 to settle at$77.01 on Tuesday.

In other Nymex trading in March contracts, heating oil was up 0.8cent at $2.004 a gallon, and gasoline raised 1.3 cents to $2 a gallon. Natural gas gained 4.4 cents to $5.354 per 1,000 cubic feet. In London, Brent crude was up 31 cents at $75.99 on the ICE futures exchange.