IEA raises Q4 oil demand forecast on Chinese outlook

PARIS: Global thirst for oil will be slightly stronger than expected in the last quarter of 2012 because of demand from China and despite a sharp cutback in Europe recently, the IEA forecast on Wednesday.

The International Energy Agency raised its estimate for global demand in the last three months of the year by 435,000 barrels per day to 90.5 mbd, even though the latest European data indicated "the steepest contraction" of demand in the third quarter since the financial crisis of 2008-2009.