West Texas Intermediate futures for September delivery fell to $43.64 (-0.52%), while Brent crude dropped to $48.41 (-0.41%) amid oversupply concerns. Baker Hughes, an oil-field services company, reported that the number of U.S. drilling rigs rose to 670 (the third straight weekly gain).

OPEC continues to pump at record levels and Iran intends to raise its exports as soon as it's able to.

Meanwhile the U.S. seems to be getting closer to lifting its 40-year-ban on crude exports. U.S. authorities may vote upon the issue as early as September.