Oil rises above $77 after US crude supply drop

Oil prices extended gains above $77 a barrel on Thursday in Asia on the heels of a larger-than-expected decrease in energy stockpiles in the US. Light sweet crude for delivery in February, rose 61 cents to 77.28 dollars a barrel in Singapore. Brent North Sea crude for February delivery gained 59 cents to 76.04 dollars.The Christmas Eve market surge was largely driven by a fall in US energy inventories that was far larger than expected, investors said.