Oil prices rebound as IEA, OPEC raise demand forecasts

0 Comments | AFP, December, 2007

LONDON (AFP) — Oil prices fell on profit-taking Friday after a brief jump back above 93 dollars here on expectations of higher demand for crude in 2008.

Both the International Energy Agency and OPEC on Friday raised their estimates for global oil demand next year.

New York's main contract, light sweet crude for January delivery, dropped 80 cents to 91.45 dollars per barrel.

Brent North Sea crude for January fell nine cents to 92.03 dollars.

"Oil futures were higher (earlier Friday), boosted by an IEA report," Sucden analyst Andrey Kryuchenkov said.

The International Energy Agency raised its forecast for world oil demand for next year by 115,000 barrels per day because of demand from emerging economies.

But the agency, the developed...