Opec production rises to three-year high

Opec said crude production from its members has risen to a three-year high in November and the Middle East oil cartel also raised its 2015 oil demand forecast.

The Organization of the Petroleum Exporting Countries revealed crude output rose by 230,000 barrels per day (bpd) to 31.7m bpd in the last month.

Opec also hiked its oil demand growth forecast for the current year by 30,000 bpd to 1.53m bpd and left its 2016 growth forecast unchanged at 1.25m bpd.

The organisation also predicted supply from non-Opec members was likely to fall faster in 2016 than previously estimated, having grown faster than forecast this year.

Prices of Brent crude on ICE were up 0.27% at $40.22 per barrel, having fallen towards seven-year lows earlier in the week.

On Monday, Opec rolled over its crude production level, which was last set at 30m barrels per day, but declined to offer an exact figure at the conclusion of its oil ministers' summit in Vienna, Austria late last week.

Secretary general Abdalla Salem El-Badri said, "Opec will wait and see how the market develops over the next six months, and saw no need to alter the current production level during a period of market adjustment."