Consumption spirals. - The International Energy Agency (IEA), which represents the interests of industrialised countries, produced on Friday its third consecutive re-evaluation of oil demand forecasts for 2011. The IEA increased its forecast of 260,000 barrels a day, due to a noticeable increase in consumption levels in North America and Asia. Growth has been “remarkably strong” in the US over recent months, notes the IEA. In China, oil consumption leapt by 12.6% in October, bolstered by...