Brent crude is heading towards $ 45 a barrel due to higher most commodities and metals

Brent crude oil reversed its decline during the European market on Wednesday, heading towards $ 45 a barrel, due to higher most commodities and metals priced in the US currency, the dollar, but prices remain under pressure of renewed concerns about global supply glut after a rise in the production of Saudi Arabia to a record high again.

By the time 12:50 GMT, Brent crude was trading around $ 44.97 a barrel from the opening level of $ 44.91 and recorded the highest level of $ 45.07 and the lowest level of $ 44.28.

Brent "contracts in October," crude ended the trading yesterday at 0.4 percent in the first loss in five days, within a correction and profit taking after rising in earlier trading, to the highest level in two weeks $ 45.74 a barrel.

The dollar index, which tracks US currency's performance against a basket of currencies, fell more than 0.7 percent, extending losses for a second day in a row, reflecting the accelerated sale of US currency operations amid receding expectations of increasing US interest rates during the current year, and the falling dollar supports the prices of goods and minerals, especially those priced in the US currency due to the inverse relationship between them.

According to the data released by the Organization of Petroleum Exporting Countries "OPEC", Saudi Arabia, "the largest oil producer in OPEC, pumped" 10.67 million barrels in July recording a new high, up from 10.55 million bpd in June.

And that increase is due to meet the high domestic demand in the summer months, and the previous record level was 10.56 million barrels recorded in June 2015.