Oil rose to more than $72 a barrel today, as a positive demand outlook from the International Energy Agency outweighed a bounce in the dollar, according to Reuters. U.S. crude for November delivery climbed 35 cents to $72.04 a barrel by 11:07 a.m. EDT (1507 GMT). London Brent crude rose 44 cents to $70.21 a barrel. "On balance, the IEA's upward revision of its global oil demand growth forecast for 2010 is supportive," said Andy Lebow, a broker at MF Global, New York. The International Energy Agency increased its global oil demand growth estimate for 2010 as well as for the rest of 2009. Earlier this week, the U.S. government Energy Information Administration raised its oil demand forecast amid signs the economic climate is improving. Traders said that a Friday report that crude oil and middle distillate stocks in 16 European countries were lower at the end of September than a month earlier may also have lent some support to the oil prices. Oil prices also got a boost from U.S. stocks, which rose Friday as investors were encouraged by upbeat broker comments on key tech companies such as Apple.
