West Texas Intermediate futures for August delivery climbed to $53.13 (+0.17%); Brent crude advanced to $58.65 (+0.24%) after an initial fall caused by a deal between Iran and global powers (reached on Tuesday), which lifted sanctions in exchange for curbs on Iran's nuclear program.

Prices recovered after investors realized that it will take time for Iran to increase its oil exports. However markets are already oversupplied and the global glut limited price growth.

Goldman Sachs expects oil prices to decline further amid output growth in OPEC. The company's latest oil price forecast is for Brent to average $58 in 2015 and $62 in 2016, and for U.S. crude to average $52 and $57 this year and next, respectively.