After recording a rise of over 3% on the previous trading day, on Thursday, oil rates managed to go beyond $77, on the back of a weaker value of the US Dollar and a much-more-than excepted fall recorded by crude and fuel stocks on the market of the word's top ranked energy consumer.

The Dollar's decline has been attributed to the news of an unexpected fall in the sales of existing residential properties across the US, which managed to substantially dampen enthusiasm and optimism about the economic recovery. Currently, the currency is trading at a three month low value against both the Euro and the Yen.

For February, US crude delivery managed to rise by 65 cents to $77.32 a barrel by 10:40 p. m. EST, which is the highest value recorded since December 4, after settling for a figure of $2.27 on Wednesday.

"Before the Christmas and holiday season by the end of last week, momentum of the crude oil market was quite bearish and the market has been a little bid oversold. But the EIA data were much more positive than the market had expected, so many factors are now quite bullish. I think the market is heading toward the upside, probably will hold the level by the end of the year", said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd.

A rise of 76 cents to $76.21 was recorded by London Brent crude for February.