RTRS:UPDATE 1-Russian gold/fx reserves hit new pre-crisis peak
* Five-year global oil demand forecast up 700,000 bpd
* Fundamentals largely justify bull-run since last 2010
* Libyan supplies not seen at pre-war levels until 2014
(Updates throughout)
By Barbara Lewis and Alex Lawler
LONDON, June 16 (Reuters) - The West's energy watchdog the IEA upped the pressure on producer club OPEC to increase output by forecasting a steep rise in oil demand later this year and predicting the strain on supply would last over the medium term.
Oil prices rose in response to the latest sets of numbers from the International Energy Agency. Brent crude hit a session high of nearly $115 a barrel on Thursday, up almost $2.
The Paris-based adviser to 28 consumer countries raised its assessment of how much OPEC oil would be needed this year by 400,000 barrels per day (bpd) to 30.1 million bpd.
