IEA raises oil demand growth forecast

The International Energy Agency forecast on Wednesday the world oil demand this year will grow by 2.2 percent instead of the 2.1 percent in predicted last month.

    ”The oil market is still rebalancing from last year’s demand surge,” the IEA said in its monthly report.

    It said that demand pressures in China and the United States had continued to ease, and that it had revised downwards its estimate of demand in Europe, but consumption in some other regions had risen.