New York, December 14, SPA — Oil prices rose Friday on forecasts that oil demand would grow faster than previously expected in 2008, and as fresh buyers entered the market.
The International Energy Agency raised its forecast for world oil demand growth in 2008 by 170,000 barrels a day to 2.5 percent, compared with 2.3 percent in its previous report. It said overall demand was now expected next year to reach 87.8 million barrels a day, Dow Jones Newswires reported.
On Friday, light, sweet crude for January delivery rose 79 cents to US$93.04 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract fell US$2.14 to settle overnight at US$92.25 a barrel. It had jumped US$4.37, or 4.9 percent, on Wednesday to its highest close since Nov. 27 on unexpected declines in U.S. crude stockpiles.
Heating oil futures added 3.70 cents to US$2.6517 a gallon (3.8 liters) while gasoline prices rose 1.56 cents to US$2.3900 a gallon. Natural gas futures fell 1.8 cents to US$7.175 per 1,000 cubic feet, the Associated Press reported.