Brent crude and West Texas Intermediate could not extend last week's gains. On Friday Oil prices rose more than $ 1, departing multi-year lows, which was due to new forecasts from the International Energy Agency. Today, in its monthly report the IEA said that this year the prices may recover. The agency downgraded the outlook for production from countries outside OPEC. "Where will the market bottom is anyone's guess. But the sale does not go unnoticed - said IEA. Brent Crude lost -0.68%, currently trading at USD49.83 a barrel. West Texas Intermediate declined by -1.01% currently quoted at USD48.20 as Iraq further boosts production to 4 million barrels a day adding to the global glut. Slumping Chinese stocks put further pressure on oil prices.

Oil prices fell by nearly 60 percent over the past six months, and both the key brand of oil is currently trading below $ 50 a barrel as the supply of high quality light crude oil from the United States and Canada exceeded demand in a period of low global economic growth.

Today trading volumes are expected to be low as U.S. markets are closed due to a bank holiday.