Oil prices have increased after several members of the Organization of the Petroleum Exporting Countries (OPEC) called for production freeze.

International benchmark Brent futures LCOc1 were up 50¢ and traded at $44.77 a barrel, while the US West Texas Intermediate (WTI) crude futures CLc1 increased 55¢ and were at $42.35 a barrel, Reuters reported.

"The position of Russia is that the pre-requisites for this have not yet come to pass, considering that prices are still at a more or less normal level."

OPEC members such as Venezuela, Ecuador and Kuwait called for freeze in production levels in a bid to reduce output.

Non-OPEC member Russia is set to dismiss calls for the proposal.     

Russian Energy Minister Alexander Novak said: "The position of Russia is that the pre-requisites for this have not yet come to pass, considering that prices are still at a more or less normal level."

Official data revealed that July fuel exports in China increased more than 50% compared to last year, to 4.57 million tonnes.

Meanwhile, the number of oil rigs drilling in the US also increased to 381.

The combination of these factors analysts warned that the world is yet to deal with the overhang of physical oil, which is expected to reduce oil prices.