Oil prices traded lower on the Friday's decision by the OPEC and on lower Chinese oil imports. The OPEC decided last week to keep its oil production unchanged at 30 million barrels a day.

"Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers," the OPEC noted.

Chinese oil imports plunged 11% in May from a year earlier.

WTI crude oil for July delivery declined to $58.29 a barrel on the New York Mercantile Exchange.

Brent crude oil for July fell to $62.66 a barrel on ICE Futures Europe.

Gold price traded slightly higher in quiet trade. Gold price Friday hit 11-week low after the release of the U.S. labour market data. The U.S. economy added 280,000 jobs in May, exceeding expectations for a rise of 2225,000 jobs, after a gain of 221,000 jobs in April. It was the largest increase since December.

The U.S. unemployment rate rose to 5.5% in May from 5.4% in April. Analysts had expected the unemployment rate to remain unchanged at 5.4%.

The Greek debt crisis remained in focus. Greece said last week that it will bundle its IMF loans repayments.

Greek Prime Minister Alexi Tsipras said to the Greek parliament last Friday that creditors' proposal is "unrealistic".

Greek Finance Minister Yanis Varoufakis and his German Finance Minister Wolfgang Schaeuble are due to meet in Berlin later in the day.

June futures for gold on the COMEX today rose to 1176.10 dollars per ounce.

The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 4 rigs to 642 last week, the lowest weekly level since August 2010. It was the 26th consecutive weekly fall.

Combined oil and gas rigs fell by 7 to 868. It was the lowest since January 2003.

(raw materials / closing price /% change)

Oil $59.13 1.95%

Gold $1,171.80 0.32%