Oil prices eased marginally in Asian trade Thursday after an overnight surge on report by US Energy Department about decrease in stockpiles.

Light sweet crude for October delivery was seen trading at $72.24 a
barrel at 11.45 a.m Singapore time while Brent crude oil for November
settlement was at $71.37 at the same time.

U.S. crude oil stockpiles fell to 332.8 million barrels, the Energy
Department said. Supplies of distillate fuel climbed 2.24 million
barrels to 167.8 million, the highest since January 1983.

Analysts said oil prices also gained as the dollar declined to the
weakest level in almost a year and as global equities advanced,
spurring expectations of improving fuel demand.

The dollar traded at $1.4716 per euro from $1.4709 Wednesday in New
York where it reached $1.4737, the weakest level since Sept. 25, 2008.

On Wednesday, the contract rose $1.58, or 2.2 percent, to $72.51. Futures are up 62 percent this year.

Source: Commodity Online

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