OPEC sees oil demand higher in 2016

In its monthly Oil Market Report, the OPEC noted Saudi Arabia has increased its oil production to a record level of nearly 10.7 mbpd during July.

Furthermore, the oil cartel has lifted the demand for crude oil to 94.26 mbpd for the current year, based on improvements in advanced European and some Asian economies. Regarding 2015, the OPEC kept its demand forecast unchanged.

Crude oil prices have trimmed earlier losses, with the barrel of WTI around $42.60 and the Brent crude approaching the $45.00 mark per barrel.