Global oil prices remained below $76 a barrel in Asian trade Thursday as stock markets across the region showed positive trends.

Light sweet crude for June delivery was seen trading at $75.57 a barrel at 11.30 a.m Singapore time while July contract was at $80.31 a barrel at the same time.

Crude futures for June delivery traded at a discount of close to $5 a barrel to July crude at some points during Wednesday’s trading session.

In London, front-month ICE Brent was seen at $81.32 a barrel.

Analysts said rising stocks in Asia reflected greater confidence that the Euro zone will contain Greece’s debt crisis.

Asia stocks rallied, led by technology shares, and regional bond risk declined as concerns about European budget deficits waned.

On Wednesday, oil dropped after a US government report showed that inventories climbed for the 14th time in 15 weeks.

Supplies of crude oil gained 1.95 million barrels to 362.5 million, the Energy Department said. Stockpiles at Cushing, Oklahoma, where the New York-traded West Texas Intermediate oil grade is stored, rose to a record.

Crude supplies rose to the highest level since the week ended May 29, 2009. The price of oil for prompt delivery dropped more than contracts in future months.

Crude oil for June delivery fell 79 cents, or 1 per cent, to $75.58 a barrel at the close of floor trading on the New York Mercantile Exchange. Oil is down 4.8 per cent this year.

Brent crude oil for June settlement rose 47 cents, or 0.6 per cent, to $80.96 on the London-based ICE Futures Europe exchange.