IEA warns on rising oil prices

OIL demand has started to grow after a year-and-a-half of decline, the International Energy Agency said yesterday, in the latest sign that the pick-up in Asia is boosting energy consumption. <br /><br />But the body warned that the recent rise in oil prices could derail recovery if it continues, and demand for the commodity itself will rebound much more slowly if price rises continue into 2010. <br /><br />Oil prices have surged by about 77 per cent this year, and it is trading at around $75-$80 a barrel. The forecast will weigh on oil cartel Opec.<br />