SINGAPORE (Commodity Online) : Global oil prices advanced marginally in Asian trade Friday after global sell-off on equity markets dragged down prices overnight.

Light sweet crude for December delivery was seen trading at $77.68 a barrel at 11.30 a.m Singapore time while Brent crude was at $77.89 a barrel at the same time.

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Analysts said concerns over the strength of the global economic recovery have prevented reasonable gains for oil in early trade.

Oil is still poised for a weekly gain as the Organization for Economic Cooperation and Development doubled its growth forecast for the leading developed economies next year and predicted a further acceleration in 2011 as China powers a global recovery, they added.

On Thursday, December delivery gave up $2.12 to settle at $77.46 a barrel with one day remaining until the futures contract expires on the New York Mercantile Exchange.

Most of the trading already moved to the January contract, which lost $2.05 to settle at $78.05.

In London, Brent crude for January delivery gave up $1.83 to settle at $77.64 on the ICE Futures exchange.

New York crude on Wednesday breached $80 a barrel after government data showed crude reserves in the United States fell by 900,000 barrels in the week ending November 13.

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