The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Thursday. OPEC's oil output in November rose by 230,100 barrels per day (bpd) to 31.695 million bpd from October, mainly due to higher oil output from Iraq. It was the highest output since 2009.

OPEC lowered its 2016 output forecasts for non-OPEC members by 250,000 bpd to average 57.14 million bpd. The downward revision was driven by a drop in U.S. shale-oil production.

Global oil demand growth is expected to be 1.25 million bpd in 2016, unchanged from its previous estimates and down from a 1.53 million bpd rise this year.