The International Energy Agency raised its 2011 global crude oil demand forecast for a third month on consumption gains in North America and China.
Crude use worldwide will average 88.8 million barrels a day next year, about 260,000 barrels more than its previous forecast, the Paris-based adviser said today in its monthly Oil Market Report. Increasing demand could put pressure on OPEC to boost supply early next year, the IEA said.
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Source: Bloomberg
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