Global oil demand will be higher than expected in 2011 according to a new report by OPEC. OPEC says stronger-than-expected economic data and cold weather in Europe has increased demand. The report comes a day before OPEC ministers are due to meet on production levels.

 

And to the markets now, positive economic data has helped lift US stocks. All three indices were up in late trade. There wasn't much movement in the European markets. London's FTSE gained a meagre five points as investors refrained from making any bold moves ahead of the potential rate hike by China. And local stocks were also little changed. The All Ords ended the week just three points higher. And a quick check at the currencies, the Australian dollar is buying just under 99 US cents.