Global oil prices rise
London oil prices have hit their highest levels since the war in Iraq ended after the West's energy watchdog, the International Energy Agency, forewarned of possible supply problems on world markets heading into the northern winter.
Benchmark London Brent crude for November rose to $30.75 a barrel, a peak since the war ended in April. Prices have risen 17% in two weeks since an unexpected decision by OPEC to cut production this winter.
US Oil shares were moving higher at midday, reflected by a 0.5 percent rise in the Philadelphia Oil Service Index to 89.95. The CBOE Oil Index was up 0.8 percent at 286.57. Light crude rose €0.84 , 3%, to $31.85 a barrel, on top of Thursday's 4% gains
The IEA, adviser on energy to 26 industrialised nations, has forecast that global oil demand growth will accelerate into the fourth quarter, exceeding 80 million barrels per day for the first time.
