Oil prices are expected to remain stable for the rest of 2015 and edge-up in 2016 and 2017 as global demand is predicted to rise.

Brent is trading near the bottom of its recent range in the low $60s a barrel, while the US light crude will average $56.30 a barrel in 2015, Reuters reported.

A survey by analysts revealed that in 2015, North Sea Brent crude is expected to average $62 a barrel.

"Oversupply will ease gradually in the second half of this year, helped by stronger demand and slower production from outside OPEC."

A Reuters poll forecast highlighted that oil prices are seen steady despite Greek debt crisis and the news on possible lifting of sanctions on Iran.

Commerzbank in Frankfurt senior oil and commodities analyst Carsten Fritsch told the news agency: "Oversupply will ease gradually in the second half of this year, helped by stronger demand and slower production from outside OPEC."

According to analysts, the Organization of the Petroleum Exporting Countries (OPEC) is expected to keep producing close to capacity.

Should a nuclear deal between Iran and the West become successful, Iran plans to increase oil exports into world markets, but the impact could take some time to show impact.

Increase in oil price may not take place until 2016 before Iran can meet its side of any comprehensive deal with the Western powers.