Oil prices traded higher ahead of U.S. oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data today, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

The oil driller Baker Hughes reported on Friday 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.

The weaker-than-expected inflation data from China added to speculation on that the Chinese government will add further stimulus measures to boost the economy. The Chinese consumer price index (CPI) rose at annual rate of 1.2% in May, missing expectations for a 1.3% increase, after a 1.5% gain in April.

The Chinese producer price index (PPI) dropped 4.6% in May, missing forecasts of a 4.5% fall, after a 4.6% decline in April.

China is the largest net oil importer in the world.

WTI crude oil for July delivery increased to $60.23 a barrel on the New York Mercantile Exchange.

Brent crude oil for July rose to $64.23 a barrel on ICE Futures Europe.

Gold price traded higher on the uncertainty over the Greek debt talks and speculation on that the Fed may start to hike its interest rate this year. The Greek government has provided a new budget proposal to its creditors on Tuesday. Greece hopes to reach a new agreement with its creditors to unlock €7.2 billion new loans.

Greece is running out of cash. It bundled its IMF loans repayments in June. The deadline is June 30. Athens have to repay €1.6 billion IMF loans in June.

German Finance Minister Wolfgang Schaeuble said in Berlin on Tuesday that Greece's creditors were doing everything to keep Greece in the Eurozone. He added that it is now on Greece to deliver reforms.

German Chancellor Angela Merkel said on Monday that time was running out for an agreement to be reached.

The European Central Bank (ECB) Governing Council Member Christian Noyer said on Monday that if Greece had to leave the Eurozone, it would not cause a problem for the Eurozone.

Reuters reported on Monday that Greece's creditors have suggested extending the Greek bailout programme until the end of March 2016, but disagreements over the conditions are risks to this plan.

Gains were limited due to speculation on that the Fed may start to hike its interest rate in September.

June futures for gold on the COMEX today rose to 1181.60 dollars per ounce.

The Chinese National Bureau of Statistics released its consumer and producer price inflation data for China on Tuesday. The Chinese consumer price index (CPI) rose at annual rate of 1.2% in May, missing expectations for a 1.3% increase, after a 1.5% gain in April.

Food prices rose at an annual rate of 1.6% in May, while non-food prices increased 1.0%. On a monthly basis, consumer price inflation fell 0.2% in May.

The Chinese producer price index (PPI) dropped 4.6% in May, missing forecasts of a 4.5% fall, after a 4.6% decline in April.

On a monthly basis, producer price inflation decreased 0.1% in May.

(raw materials / closing price /% change)

Oil 58.14 -1.67%

Gold 1,173.20 -0.03%