SINGAPORE (Commodity Online) : Global oil prices showed signs of recovery in Asian trade Monday mainly on hopes of demand increase along with economic recovery.

Light sweet crude for December delivery was seen trading at $77.27 a barrel at 12.00 noon Singapore time while Brent crude was at $77.11 a barrel at the same time.

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Weak dollar also helped oil prices as it increases investments in commodities and pushing up the price producers must seek to maintain purchasing power.

The euro has gained about 6.4 percent over the same period, and climbed to as much as $1.4967 Monday from $1.4903 late in New York last week.

On Friday, December delivery lost 59 cents to settle at $76.35 a barrel on the New York Mercantile Exchange. Prices dipped as low as $75.57 earlier in the day, the lowest since Oct. 15.

Brent crude dropped 46 cents, or 0.6 percent, to $76.31 a barrel on Friday.

Prices fell 1.4 percent last week as jobless claims in the world’s largest economy increased; fuel stockpiles rose and the nation’s refiners reduced operating rates to a 13-month low.

Gasoline for December delivery lost 2.43 cents to settle at $1.9162 a gallon. Natural Gas for December delivery added 2.2 cents to settle at $4.392 per 1,000 cubic feet.

Crude has gained 73 percent this year and reached a 12- month high of $82 on Oct. 21.

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