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West Texas Intermediate futures for September delivery slid to $48.12 (-0.04%), while Brent crude climbed to $54.74 (+0.22%). Prices of both types of crude remain low amid oversupply concerns. However a weaker dollar limited declines.

Recently the U.S. and Iraq intensified global glut concerns. Baker Hughes reported that U.S. oil producers added 21 drilling rigs last week, marking the biggest rise since April 2014.

Meanwhile Iraq is on track to export a record amount of crude from its southern oilfields in July. It has already topped 3 million barrels per day this month.

Considering these data the National Australia Bank said it expects oil prices to stay below $70 a barrel for the rest of 2015 and 2016.

Gold advanced to $1,102.00 (+1.52%); however it failed to reach far beyond its 5 year-low as the Fed two-day meeting is scheduled for this week. It will end on Wednesday. The central bank of the U.S. is preparing to raise its interest rates; this would weigh on non-interest-paying bullion. Investors expect the Fed to provide some clues on the timing of a rate hike.

HSBC analyst James Steel believes that gold's recovery from last week's declines appears to be mostly driven by short-covering. "So while we think prices may firm near-term, the sell-off does not look as if it's entirely over as we do not yet detect a notable change in investor sentiment." Last week the metal lost more than 3%.

Data from the International Monetary Fund showed Germany cut its gold holdings by 2.395 tonnes last month, while Russia and Kazakhstan continued to add to their reserves.