SINGAPORE (Commodity Online) : Oil prices eased marginally in Asian trade Thursday after crossing the $80 a barrel mark overnight on reports of decline in US fuel supplies and stockpiles.

Light sweet Crude for December delivery was seen at $79.32 a barrel at 11.30 a.m Singapore time while Brent crude was at $79.41 a barrel at the same time.

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On Wednesday, December delivery rose as high as $80.33 before closing up 44 cents to $79.58 per barrel while Brent crude for January gained 50 cents to settle at $79.47 a barrel.

Oil gained 0.6 percent Wednesday and touched $80.33 after US Energy Department said crude inventories declined 887,000 barrels to 336.8 million last week.

Stockpiles were forecast to increase by 300,000 barrels. Gasoline stockpiles dropped 1.76 million barrels to 209.1 million in the week ended Nov. 13.

Supplies of distillate fuel dropped 328,000 barrels to 167.4 million last week, 30 percent higher than a year earlier, the report showed.

U.S. imports of Crude Oil declined 0.9 percent to 8.58 million barrels a day, the Energy Department report showed. Along the Gulf of Mexico coast, imports tumbled 16 percent to 4.28 million as Hurricane Ida disrupted the arrival of shipments.

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