Oil prices traded lower despite hopes for a deal between Athens and its creditors. The head of the Eurogroup Jeroen Dijsselbloem said after the Eurogroup's meeting on Monday that a deal between Greece and its creditors could be reached this week.

"It's an opportunity to get a deal this week and that's what we'll work for," he said.

Dijsselbloem noted that the new Greek proposal was "broad and comprehensive".

"Work still needs to be done," the EU's Economic and Financial Affairs Commissioner Pierre Moscovici said.

The Eurozone leaders' meeting is scheduled to be at 17:00 GMT.

Concerns over global oil glut weighed on oil prices. Oil production in the U.S. continues to rise despite the decline in oil rigs. The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 4 rigs to 631 last week, the lowest weekly level since August 06, 2010. It was the 28th consecutive weekly fall.

Combined oil and gas rigs fell by 2 to 857. It was the lowest level since January 17, 2003.

WTI crude oil for July delivery decreased to $58.93 a barrel on the New York Mercantile Exchange.

Brent crude oil for July fell to $62.60 a barrel on ICE Futures Europe.