IEA Boosts Global Oil Demand Forecast

The International Energy Agency raises its forecast for global oil demand for 2010 and 2011.
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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.

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