IEA up revises oil demand estimate for 2010 by about 130,000 bpd

The International Energy Agency is uprevising its demand estimate for 2010 by 130,000 bpd to 86.3 million bpd, as demand increases from the booming Asian economies and the developed nations could start consuming more. This forecast of increasing demand is likely to boost oil prices next year that currently stand at US$71 a barrel. However, Monday morning saw crude oil futures dipped by over a dollar in Asia on fresh concerns of weak supply-demand fundamentals that are weighing heavily on prices. Light, sweet crude futures for delivery in January dipped to US$69.6 on the Nymex, while Brent crude on London's ICE Futures exchange inched up to US$72 a barrel.
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