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Oil prices firm after IEA raises global demand forecast
AFP
LAGOS
Petroleumworld.com 06 12 07World oil prices crept higher on Tuesday after the International Energy Agency raised its prediction for global crude demand in 2007.
Brent North Sea crude for July delivery nudged up one cent to 69.57 dollars per barrel in electronic trading.
New York's main oil futures contract, light sweet crude for delivery in July, added just five cents to 66.02 dollars per barrel in electronic deals before the official open of the US market.
The IEA predicted that global oil demand will increase by two percent this year to 86.1 million barrels per day (mbpd), revising upwards an earlier estimate by some 400,000 bpd.
In a monthly market report, the IEA also warned again that the oil market supplies would be tight in the second half of this year, which risked pushing up prices further.
Crude futures had swung higher Monday amid supply concerns, after a heavy sell-off on Friday which was triggered partly by fears that rising interest rates would crimp demand.
AFP 12 0851 GMT 06 07
Copyright© 2007 AFP. All Rights Reserved.
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