International Energy Agency that predicts global demand for oil will grow by 2.5% next year and that production and supply will not keep up. Oil prices rose in Asian trading after this prediction about tight oil supply amid growing world demand. Light, sweet crude for September delivery rose 48 cents to US$71.95 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. September Brent crude rose to US$70.72 a barrel on the ICE futures exchange in London.
A short term boost to prices was delay in the restart by ConocoPhillips of a gasoline-producing unit at a New Jersey refinery,