West Texas Intermediate futures for September delivery slid to $48.12 (-0.04%), while Brent crude climbed to $54.74 (+0.22%). Prices of both types of crude remain low amid oversupply concerns. However a weaker dollar limited declines.

Recently the U.S. and Iraq intensified global glut concerns. Baker Hughes reported that U.S. oil producers added 21 drilling rigs last week, marking the biggest rise since April 2014.

Meanwhile Iraq is on track to export a record amount of crude from its southern oilfields in July. It has already topped 3 million barrels per day this month.

Considering these data the National Australia Bank said it expects oil prices to stay below $70 a barrel for the rest of 2015 and 2016.