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London - Oil prices fell sharply in London on Wednesday local time, after reported that gasoline inventories in the United States, countries of the world's largest energy consumer, rose more than expected.

AFP reported that New York's main contract, light sweet crude oil delivery in January, fell 1.87 dollars to 76.50 dollars per barrel.

Oil Brent North Sea crude for January delivery fell 1.65 dollars to 77.70 dollars per barrel.

Department of Energy (DoE) The U.S. government announced Wednesday that gasoline reserves jumped four million barrels, much larger than the 700,000 barrel increase analysts expected.

DoE added that U.S. crude oil stocks jumped 2.1 million barrels, more than twice market expectations.

But distillates inventories, which include diesel fuel and heating, down 1.2 million barrels, which is much larger than 300.00 barrel decline that analysts had predicted.

"I really hate to say this, but these numbers seem to say that the economy is weakening again," said Phil Flynn, an energy analyst in the PFG Best Chicago.

Oil has risen by a dollar on Tuesday due to weakening U.S. currency has encouraged investors to move into commodities markets and for complaining about geopolitical tensions over Iran's nuclear program, traders said.

Crude oil futures also rose by about a dollar on Monday, partly due to waning fears default (failure) after the announcement last week by the Dubai government that it wanted the six-month debt moratorium for major conglomerate Dubai World. (*) (AFP)