The International Energy Agency which tracks the global oil demand and supply situation, has revised the global oil demand for the rest of this year and the next year substantially. The continuing uptrend in China, India and Australia, coupled with expected recovery in US and Japan are primarily behind the optimistic revision of global oil demand.
The crude oil prices might eventually trade in the 70 dollars to 90 dollars band for the next few months, till further data on the global economic growth emerges.