| GEO Business|
| Oil rises above $70 in Asia|
| Updated at: 1111 PST, Thursday, August 13, 2009|
SINGAPORE: Oil prices rose above $70 a barrel Thursday in Asia as the International Energy Agency boosted its global crude demand forecast.
Benchmark crude for September delivery was up 48 cents to $70.64a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract climbed 71 cents to settle at $70.16.
The IEA, based in Paris, said Wednesday it raised its global oil consumption forecast for this year and next. Despite the rosier outlook, the IEA still expects demand this year to fall 2.7 percent as economies struggle to emerge from recession.