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The price of crude oil rose Thursday, finding support in the International Energy Agency's upward revision of oil demand growth, even as the US Dollar strengthened against the Euro.
Crude oil for delivery in March was trading $0.67 higher at $75.19 per barrel in the New York Mercantile Exchange, marking the fourth consecutive day of gains.
The IEA on Thursday upwardly revised its global oil demand growth forecast for 2010 by 120,000 barrels a day to 1.6 billion barrels per day. The agency also expects oil demand to average 86.50 million barrels per day, and oil prices to average $75 a barrel in the year.
A day earlier, the Energy Information Administration had raised its oil demand forecast for 2010 to increase by 1.2 million barrels per day, 120,000 barrels a day higher from the previous estimate.
Traders are awaiting the US Energy Department's weekly inventory report, which will be released on Friday.
Expectations for an increase in US heating oil demand, as the temperatures remain below average, also remain supportive for oil prices.
Meanwhile, the greenback rose against the Euro amid lack of clarity regarding the European Union plans to aid Greece.
Initial claims for jobless benefits fell to 440,000 in the week ended February 6, from the previous week's revised figure of 483,000, according to the US Labor Department. This was more than economists' expectation for a drop to 465,000.
Wednesday, the Commerce Department had reported that the US trade deficit widened to $40.2 billion in December from $36.4 billion in the previous month.
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