Crude Oil Well Over $72 as IEA Boosts Demand Outlook
Just days after the EIA updated its '09 and '10 oil and natural gas forecasts, the International Energy Agency, or IEA, is out raising its worldwide demand outlook for oil. July crude contracts are now trading well over $72, up more than $1.50 today.
According to a Reuters report, the IEA now believes global demand for oil will contract by less than the agency had previously expected. The increased forecast marks the first time the IEA has taken such an action since August of last year.
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