The World Bank has raised its forecasts for crude oil prices this year to $57 per barrel from April’s forecast of $53 per barrel, after oil prices rose 17% in the second quarter of 2015.

It, however, expects energy prices to average 39% below 2014 levels, according to FX Street website

In its quarterly report published on Wednesday, the bank said: “World oil demand growth is expected to slow in the second half of the year as the effects of lower prices diminish, with annual global growth projected at 1.4 million barrels/day or 1.5%year-on-year.”

Global oil demand in 2016 is expected to slow even further to 1.2 million barrels a day or 1.3%, the World Bank said.

The bank added “Large inventories and rising output from OPEC suggest prices will likely remain weak in the medium-term."