Greater oil demand seen for 2009

DEMAND for oil this year will be more than previously expected,
according to the International Energy Agency.
The IEA said in its monthly servey that oil consumption would now drop
by 2.9% to 83.3 million barrels a day.
The body had expected a 3% annual decline this year, the biggest drop
since 1981.
The higher forecast, the first increase in the IEA's expectations in
10 months, may add to signs that the worst of the global recession is
over.
'These revisions do't necessarily imply the beginnings of a global
economic recovery, & may only signal the bottoming out of the
recession', the IEA said.
The report came as oil prices rose above $72 a barrel, close to an
eight-month high.
US light sweet crude rose by $1.55 to $72.68. London Brent cude rore
slightly to $71.79.