Oil rises to $72

(Reuters) - Oil firmed to $72 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand, adding to signs the fall in consumption may have bottomed out.

World oil demand will contract by less than previously expected this year, the International Energy Agency said as it raised its 2009 forecast for the first time since August 2008

U.S. crude rose 71 cents to $72.04 a barrel by 1105 GMT (7:05 a.m. EDT), a near eight-month high. Brent crude gained 50 cents to $71.30.

Falling inventories in top oil consumer the United States also supported prices.