The International Energy Agency upped its forecast for global oil demand on stronger than expected data in North America and non-Organisation for Economic Co-operation & Development (OECD) Asia.

In its latest report, the agency expects global oil demand to rise 500,000 barrels per day for both 2009 and 2010, to 84.4 million bpd and 85.7 million bpd respectively.

The report added that global oil supply in August was down 400,000 bpd from July at 84.9 million bpd, on lower non-Opec output.

Opec crude supply was up 55,000 bpd at 28.8 million bpd.

OECD industry stocks rose by 12.8 million barrels in July, to 2778 million barrels, 4.6% above last year’s level. Middle distillate increases in all three regions, particularly North America, outweighed a decrease in both gasoline and fuel oil stocks.