World oil prices advanced today on the back of a weak dollar and strong Chinese crude imports as the market waited for a crucial OPEC output meeting in Vienna.
New York's main contract, light sweet crude for delivery in November, gained $1.23 to $82.90 a barrel. London's Brent North Sea crude for November delivery added 99 cents to $84.49.
The Paris-based International Energy Agency hiked its forecast for global demand this year by 300,000 barrels a day to 86.9 million barrels a day and by the same amount to 88.2 million barrels a day in 2011.
The latest forecasts, contained in the IEA's monthly report, represented annual increases of 2.5% and 1.4% respectively and took analysts by surprise.
Gold strikes historic high point
The price of gold rocketed to another record high this evening, powered by the weakening dollar after the US Federal Reserve signalled that it would consider more stimulus measures.
The precious metal hit $1,374.35 an ounce on the London Bullion Market today.
Minutes from last month's Federal Open Market Committee (FOMC) meeting showed last night that the US Federal Reserve anticipates additional stimulus may be needed soon to prop up a slowing economic recovery.
