IEA Boosts Global Oil Demand Forecast
NEW YORK ( TheStreet) -- The International Energy Agency raised its forecast for global oil demand for 2010 and 2011 by 300,000 barrels a day on new data showing much stronger-than-expected third-quarter 2010 readings and updated gross domestic product and price assumptions.
The readings were notably strong in the countries that make up the Organization for Economic Co-Operation and Development, the agency said.
The IEA said it now expects 2010 demand to average 86.9 million barrels a day and 2011 demand to average 88.2 million barrels a day.
Crude oil for November delivery Wednesday was rising by $1 to $82.67.-- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV