West Texas Intermediate futures for September delivery declined to $43.06 (-0.05%), while Brent crude fell to $49.02 (-0.33%). On Wednesday the People's Bank of China allowed the yuan to fall further after it conducted 1.9% devaluation on Tuesday. These moves question health of the second-biggest economy in the world and thus raise doubts over demand for excessive crude, which OPEC members keep producing. The cartel also raised its forecast of oil supplies from non-member producers in 2015.

Analysts believe that China's government might intervene further in an attempt to stimulate growth and support industrial production.