By Polya Lesova FRANKFURT (MarketWatch) -- The International Energy Agency revised up by 70,000 barrels a day its forecast for global oil demand for both 2009 and 2010, citing higher-than-expected non-OECD data, which largely offset persistently weak OECD readings. Global oil demand is expected to rise by 1.6 million barrels a day, or 1.8% year-on-year, to 86.6 million barrels a day in 2010. In contrast, demand is estimated to have contracted by 1.2 million barrels a day, or 1.4% year-on-year, to 85.0 million barrels a day in 2009. After five consecutive quarters of decline, global oil demand began growing again on a yearly basis in the fourth quarter of 2009, the Paris-based IEA said in its monthly report. Growth has been led by liquefied petroleum gas and naphtha on the back of restocking in the petrochemical sector, the IEA said. In recent days, the Organization of Petroleum Exporting Countries and the U.S. Energy Information Administration have also raised their forecasts for global oil consumption this year. Crude oil for April delivery rose 14 cents to $82.25 a barrel in electronic trading on Globex.

Source