The International Energy Agency (IEA) forecast strong global oil demand for next year, as the US recovers from recent hurricanes and Chinese demand revives. The IEA had forecast global oil demand in 2006 would grow by 1.75 mln. Demand forecasts from the IEA, accompanied by robust Chinese demand, has pushed world oil prices higher once again. The price of Brent North Sea crude for November delivery stood at US$60.50 per barrel, while New York's main contract, light sweet crude for delivery in November, rose to US$64.30 per barrel.
13-Oct-05 
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