SINGAPORE (Commodity Online) : Global oil prices eased below $79 a barrel in Asian trade Wednesday after rising from a two-week low overnight as growth in manufacturing spurred hopes of an economic recovery.

Light sweet Crude Oil for December delivery was seen trading at $78.54 a barrel at 11.00 a.m Singapore time while Brent crude was at $76.52 a barrel at the same time.

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On Tuesday, oil climbed as commodities gained a boost from gold, which struck an all-time high as markets fret about the prospects of global recovery from recession

New York's main contract, light sweet crude for delivery in December, rose $1.47 to close at $79.60 a barrel while Brent crude for December settled at $78.11a barrel.

Futures lost 4.4 percent last week, the first pullback in a month, after U.S. Crude Oil and Gasoline stockpiles rose, equities declined and the dollar’s rebound reduced the investment appeal of commodities.

Prices dropped 3.6 percent on Oct. 30 after a report showed U.S. consumer spending in September fell for the first time in five months.

The dollar traded at $1.4799 per euro, compared with $1.4775 in New York Tuesday and may fall for a second day amid speculation the Federal Reserve this week will keep interest rates low.

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