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Oil hovers near US$ 77

MOSCOW (AP) - Oil prices hovered around $77 a barrel Wednesday as investors took a pause from Tuesday’s rally fuelled by surging stock markets and stronger euro.

Benchmark crude for July delivery was down 34 cents to $76.60 a barrel London morning in electronic trading on the New York Mercantile Exchange. The contract rose $1.82 to settle at $76.94 on Tuesday.

Analysts say that investors are still worried about the state of the European economy despite a strong rally in the region’s stock markets.

"Concerns over Spain’s access to credit markets have not fully disappeared," trade advisory firm Petromatrix said in a note.

Crude has jumped from $64 last month as investor concerns eased that Europe’s debt crisis will derail the global economic recovery and improving crude demand.

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