Energy Agency Sees Demand Rebounding

The West’s energy watchdog expects a rebound in global oil demand growth next year after a dip in 2005 when hurricanes knocked out U.S. rigs and refineries and sent prices to record highs.

At the same time, the International Energy Agency said in its monthly Oil Market Report released Tuesday that supplies from nations outside the Organization of the Petroleum Exporting Countries would sink to a six-year low this year.

U.S. crude oil futures responded by jumping $1.73 to $63.53 a barrel.