Oil prices stabilised after declining earlier. Oil prices dropped on the weak GDP data from Japan and on concerns over the global oil glut. Japan's GDP declined by 0.4% in the second quarter, beating expectations for a 0.5% fall, after a 1.1% rise in the first quarter.

Business spending fell 0.1% in the second quarter, while private consumption dropped 0.8%.

Exports dropped at an annual rate of 16.5% in the second quarter.

On a yearly basis, Japan's economy shrank 1.6% in the second quarter, beating forecasts of 1.9% decline, after a 3.9% rise in the first quarter.

Concerns over the global oil glut grew as the number of U.S. active oil rigs rose last week. The oil driller Baker Hughes reported that the number of active U.S. rigs rose by 2 rigs to 672 last week. It was the fourth consecutive increase.

Combined oil and gas rigs remained unchanged at 884.

WTI crude oil for September delivery was trading in the range between $41.64 - 42.57 a barrel on the New York Mercantile Exchange.

Brent crude oil for September decreased to $49.15 a barrel on ICE Futures Europe.