Projo Cars Blog

Oil prices rose Friday on forecasts that oil demand would grow faster than previously expected next year with new buyers in the market. Gains were held back, however, by the dollar gaining strength against the euro.

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, according to Dow Jones Newswires and reported by the Associated Press.

The forecast assumed continuing robust oil demand growth in non-OECD countries, where subsidies protect people from the impact of high oil prices, and normal winter weather.

On Friday, light, sweet crude for January delivery rose 20 cents to $92.45 a barrel in electronic trading on the New York Mercantile Exchange by the afternoon in Europe.

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