SINGAPORE (Commodity Online) : Global oil prices eased in Asian trade Wednesday after an overnight surge on weak dollar.

Light sweet crude for March delivery was seen trading at $73.51 a barrel at 11.30 a.m Singapore time while Brent crude was at $71.91 a barrel at the same time.

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Analysts said the black Gold lost momentum after an industry report showed crude and Gasoline stockpiles in the U.S. increased last week, indicating demand from the largest energy consuming country may be weak.

According to American Petroleum Institute, US crude inventories rose to the highest since October last year and gasoline supplies reached the highest since March 1999.

U.S. crude stockpiles gained 7.2 million barrels to 337.6 million in the week to Feb. 5. Gasoline supplies rebounded 1.6 million barrels to 228.8 million.

On Tuesday, New York's main futures contract, light sweet crude for delivery in March, leapt $1.86 to close at $73.75 a barrel as the dollar weakened against the euro on whetted risk appetite, making crude cheaper for buyers using stronger currencies.

In London, Brent North Sea crude for March advanced a hefty $2.02 to settle at $72.13.

Crude oil for March delivery dropped as much as 45 cents, or 0.6 percent, to $73.30 a barrel in electronic trading on the New York Mercantile Exchange.

It was at $73.48 at 11.30 a.m. Singapore time. On Tuesday, the contract rose 2.6 percent, the most in a week, to settle at $73.75. Futures have lost more than 7 percent this year.

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