West Texas Intermediate crude prices for July delivery fell by 0.65% to $59.94, while Brent crude for August declined by 33% to $63.65 a barrel.

Data from the U.S. Energy Information Administration showed that crude inventories fell more than expected in the week ending June the 12th, while gasoline stocks rose by 460,000 barrels, exceeding expectations for a 314,000-barrel drop.

US oil production declined by 21,000 barrels per day to 9.59 million bpd from last week's record high.