Oil prices fell sharply to around 78 US Dollars a barrel in Asian trade today after the US Federal Reserve's decision to raise its interest rate on emergency loans to banks boosted the dollar.New York's main futures contract, light sweet crude for delivery in March, was down 1.03 US Dollars to 78.03 US Dollars a barrel. Brent North Sea crude for April delivery eased 96 cents to USD 76.82 a barrel.