IEA boosts world oil demand forecasts on China rebound

The International Energy Agency increased its world oil-demand forecast for this quarter and next year amid signs of a rebound in Chinese demand.

Global consumption in the final three months of 2012 will average 90.5 million barrels a day, about 435,000 barrels, or 0.5 percent, more than previously forecast, the Paris-based agency said in a monthly report on Wednesday.

Demand will expand by 865,000 barrels a day in 2013 to 90.5 million, the IEA said, adding 110,000 barrels to its previous forecast.

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