By Grant Smith and Christian Schmollinger Feb. 11 (Bloomberg) -- Crude oil rose for a fourth day in New York as the International Energy Agency raised its forecast for global oil demand in 2010. The IEA increased its estimate for world demand by 170,000 barrels a day to 86.5 million barrels a day on accelerating growth in emerging markets. That means a gain of 1.6 million barrels a day, or 1.8 percent, from 2009. Still, the IEA expects no consumption growth this year from the countries in the Organization for Economic Cooperation and Development. “The IEA is adjusting emerging market growth assumptions up in China and the rest of Asia on higher GDP,” said Harry Tchilinguirian, head of commodity derivatives research at BNP Paribas SA in London. “But you still face considerable uncertainty as to the recovery of demand in OECD countries.” Crude for March delivery rose as much as 58 cents, or 0.8 percent, to $75.10 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $74.78 at 9:52 a.m. London time. Oil climbed 1 percent yesterday as the U.S. Department of Energy raised its demand projection to 85.3 million barrels a day from 85.18 million in its monthly Short-Term Energy Outlook. Prices also gained after the U.S. Treasury Department announced restrictions on four companies and one individual with links to Iran’s Islamic Revolutionary Guard Corps. The U.S. has accused the Guard of developing weapons of mass destruction and supporting terrorism. Iran ‘in Background’ Tens of thousands of Iranians joined a rally in Tehran today to mark the 31st anniversary of the Islamic regime, as opposition leaders called for protests and riot police deployed throughout the city. Iran holds the world’s second-largest crude reserves. “At this point I think Iran is still in the background,” said Victor Shum, a senior principal at consultants Purvin & Gertz Inc. in Singapore. “But if the rhetoric ratchets up, that’s going to push it more into the light and provide a good excuse for investors to buy back in and support prices.” An Energy Department inventory report scheduled for yesterday was delayed until tomorrow because a snowstorm shut down government offices in Washington. The report may show stockpiles of oil grew by 1.6 million barrels, according to a Bloomberg survey of 16 analysts. The industry-funded American Petroleum Institute reported this week that U.S. crude inventories rose to the highest level since October. Stockpiles gained 7.2 million barrels to 337.6 million last week, according to the Washington-based group. Brent crude for March settlement gained as much as 54 cents, or 0.7 percent, to $73.08 a barrel on the London-based ICE Futures Europe exchange. It was at $72.83 a barrel at 9:46 a.m. London time. The contract added 41 cents, or 0.6 percent, to $72.54 a barrel yesterday. The March contract expires today. The more actively traded April future was at $73.44 a barrel, up 32 cents, at 9:55 a.m. London time, after rising 0.6 percent yesterday. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net; Grant Smith in London at gsmith52@bloomberg.net

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