World oil consumption forecast raised by watchdog

An energy watchdog lifted its forecast for world oil consumption today but played down fears that prices will top $100 (€71.7m) a barrel.

Global demand is expected to reach 86.9 million barrels a day this year and 88.2 million barrels a day next year, the International Energy Agency (IEA) said, revising up its previous forecast by 300,000 barrels for each year.