The International Energy Agency nudged up its global oil demand growth forecast for the year 2014, citing demand strength. Crude oil markets firmed in December on seasonally stronger winter demand in the Atlantic basin, it noted. 

The IEA, in its monthly Oil Market Report released Tuesday, moved up its global oil demand forecast for the year 2014 by 1.3 million barrels per day (mbd) on stronger-than-expected 4Q13 global oil demand. 

Commenting on the supply, the agency said global oil supplies inched down by 25,000 bd in December to 92.23 mbd, as non-OPEC crude output eased following a seasonal fall in bio-fuel output Meanwhile, OPEC crude supplies rebounded by 310,000 bd in December to 29.82 mbd, snapping its fourth consecutive monthly decline, the agency said. 

On the inventory front, the IEA said OECD industry stocks plummeted by 53.60 mb in November, recording their steepest monthly decline since December 2011, it said. On the price movement, the agency noted that prices were supported by continued supply outages in Libya while WTI reflected a surge in domestic refinery throughputs. 

Meanwhile, Light Sweet Crude Oil (WTI) futures for March delivery are edging down USD0.17 to USD94.42 a barrel.