West Texas Intermediate futures for September delivery is currently at $49.26 (+0.14%). On Wednesday prices reached their lowest level since April. Brent crude slid to $56.07 (-0.11%).

Data by the U.S. Energy Information Administration showed Wednesday that commercial crude-oil stockpiles unexpectedly rose by 2.5 million barrels to 463.9 million barrels. Gasoline stockpiles fell by 1.7 million barrels. Distillate stocks, which include heating oil and diesel fuel, rose by 200,000 barrels.

However, some analysts noted that demand grew significantly in the first half of the year and the World Bank raised its 2015 forecast for crude prices to $57 per barrel from $53. At the same time large inventories and rising output from OPEC members are likely to keep prices weak in the medium-term.

Gold slightly rebounded to $1,097.20 (+0.52%) an ounce as the dollar took a breath in its rally. The US dollar index, an indicator of greenback's strength, trades -0.10% lower at 97.53.

However most forecasts still suggest that bullion may tumble more. Analysts from Morgan Stanley said that prices may tumble significantly if China's stock markets see another correction and central banks sell their reserves. An imminent rate hike by the Federal Reserve also weighs on gold.

Physical demand remained sluggish.

(raw materials / closing price /% change)

Oil 49.20 +0.02%

Gold 1,093.00 +0.14%