Oil prices decreased on concerns over the global oil oversupply. Analysts expect that additional Iranian oil will lead to lower oil prices.

The increase in crude stocks at the Cushing, Oklahoma, last week still weighed on oil prices. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories fell by 4.346 million barrels to 461.4 million in the week to July 10.

Crude stocks at the Cushing, Oklahoma, increased by 438,000 barrels to 57.1 million barrels.

Losses were limited due to a power outage shut production at Buzzard, the UK's largest oilfield.

Buzzard oilfield normally pumps 170,000 to 180,000 barrels per day.

WTI crude oil for August delivery decreased to $50.38 a barrel on the New York Mercantile Exchange.

Brent crude oil for August fell to $56.75 a barrel on ICE Futures Europe.