Further joy as IMF is ready to raise its sights on growth

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Sources in the IMF were quoted saying the institution has increased its 2010 forecasts to 2.4% from 1.9% before, thanks to the impact of governments' stimulus packages.

Much of the improved growth was set to come from the US, with only a slight improvement in Europe, the source told the Reuters news agency. The new forecasts will be presented to members of the G8 group of industrialised nations at their meeting in Italy this weekend.

Hopes of a worldwide economic rebound sent the price of oil rallying again today as the International Energy Agency said world oil demand will contract by less than previously expected in 2009, in a further sign the economic outlook is improving.

Global oil demand is expected to fall in 2009 by 2.47 million barrels per day (bpd) to 83.3 million bpd. The IEA's previous forecast was for consumption to contract by 2.56 million bpd, the sharpest fall since 1981.

The price of London Brent crude oil jumped 47 cents a barrel to $71.27 while New York crude was up 67 cents at $72.00.