Oil climbs; IEA ups demand growth forecast

“SAN FRANCISCO (AFX) — The International Energy Agency raised its forecast on oil demand growth for the year, lifting crude-oil futures back toward the $38-per-barrel level. The agency raised its world crude-oil demand growth forecast by 360,000 barrels per day to 2.3 million barrels, taking the overall demand estimate to 81.1 million barrels per day for 2004, according to Tim Evans, a senior analyst at IFR Energy Services. July crude is up 33 cents at $37.87 per barrel on the New York Mercantile Exchange. This story was supplied by CBSMarketWatch. For further information see ”

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