The Organization of Petroleum Exporting Countries (OPEC) upped its forecasts for global demand on Monday, giving oil prices a boost, amid ongoing volatility.
In its monthly report, OPEC said demand was set to grow by 1.28 million barrels per day in 2015 - an upward revision of 100,000 barrels per day since its last report. Next year, demand is set to increase to 1.34 million barrels per day.
This would outpace the growth of oil supply from both OPEC and non-OPEC sources, the organization said, and "imply an improvement towards a more balanced market."
Oil prices pared losses on the news, to trade around $58.28 a barrel on Monday.
OPEC reported an increase in its own production by 283,000 barrels per day in June, to average of 31.38 million barrels per day. This comes despite a fall off in the oil price since the middle of May.
Oversupply in the oil market caused the price of Brent crude to crash 60 percent between June 2014 and January. It is currently down around 45 percent from a year ago and was trading around $58.29 a barrel on Monday.