EIA boosts 2012, 2013 oil demand growth forecast

The US Energy Information Administration boosted its forecast for global oil demand growth for the first time since October and forecast the market would tighten as gains in non-Opec production lag.

The US government agency hiked estimates for 2012 oil demand growth from last month's report by 50,000 barrels per day (bpd) for this year to 1.32 mbpd. It revised 2013 growth up by 20,000 bpd to 1.49 mbpd.

It is the first time the EIA had increased its global oil demand growth forecast in four months, having trimmed expectations by a total of 270,000 bpd in the previous three reports.