Oil prices declined on concerns over the possible Greek exit from the Eurozone. The Eurogroup's meeting ended without results today. According to multiple sources, Athens did not present new proposals. Reuters reported that Greece will present new proposals maybe tomorrow.

The summit of the Eurozone leaders is scheduled to be later in the day.

Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

Traders expect the results of talks on the Iranian nuclear program. Talks will continue until July 10. A deal could lead to a higher oil supply.

WTI crude oil for August delivery decreased to $50.58 a barrel on the New York Mercantile Exchange.

Brent crude oil for August fell to $56.35 a barrel on ICE Futures Europe.

Gold traded lower on a stronger U.S. dollar. The greenback rose against other major currencies as the probability of a Greek exit from the Eurozone increased. The Eurogroup's meeting ended without results today. According to multiple sources, Athens did not present new proposals. Reuters reported that Greece will present new proposals maybe tomorrow.

The summit of the Eurozone leaders is scheduled to be later in the day.

German Finance Minister Wolfgang Schaeuble said on Tuesday that Athens should provide new proposals in order to get help. He added that debt cuts are not allowed under Europe's bailout rules.

August futures for gold on the COMEX today declined to 1146.80 dollars per ounce.

West Texas Intermediate futures for August delivery dropped sharply to $52.69 (-7.45%); Brent crude climbed to $56.96 (+0.74%) after yesterday's drop. Both crudes declined to their lowest levels since mid-April. Massive declines in oil prices were caused by the result of Greek referendum, which showed that the majority of Greece's citizens rejected lenders' austerity terms and generated more concerns over the country's membership in the euro zone. This led to declines in the single currency against the dollar. A strong dollar tends to pressure oil as it makes imports more expensive for holders of other currencies. The recent rise in U.S. drilling rigs and a potential increase in supplies from Iran put extra pressure on oil.

Gold is currently at $1,169.70 (+0.53%) an ounce. The metal does not receive much support from Greece's situation despite that it's a traditional safe-haven asset at times of economic uncertainty. Gains are limited by a strong dollar and prospects of a rate hike in the U.S. by the end of the year. Minutes of the latest FOMC meeting will be published on Wednesday afternoon. Traders are waiting for it to find clues on the future of Fed interest rates.

Today Greece Prime Minister Alexis Tsipras is expected to bring new proposals to a summit; however it is not clear whether they will differ substantially from the ones seen before.

(raw materials / closing price /% change)

Oil 52.68 +0.29%

Gold 1,169.30 -0.33%