Oil prices traded lower on concerns over the global oil glut. Market participants are concerned that U.S. oil producer could add oil rigs if oil prices stabilise above $60 a barrel.

Investors are awaiting the release of the number of the U.S. oil rigs later in the day. Oil production in the U.S. remains at high level despite the falling number of oil rigs.

The International Energy Agency (IEA) said on Thursday that lower oil prices and economic growth boosted global demand for energy in 2015. The agency expects oil demand to rise to 1.4 million barrels a day in 2015, up 300,000 barrels a day from its previous estimate.

The IEA said that there is a glut of oil supplies as OPEC boosted its oil production and as U.S. oil production was still growing.

WTI crude oil for July delivery decreased to $59.69 a barrel on the New York Mercantile Exchange.

Brent crude oil for July fell to $64.51 a barrel on ICE Futures Europe.