Oil prices traded higher on a weaker U.S. dollar. Investors are awaiting the release of OPEC's oil market report and the release of the U.S. Energy Information Administration's (EIA) figures. The OPEC is expected to release its report later in the day. The U.S. Energy Information Administration is expected to release its figures on Wednesday.

The OPEC denied yesterday's news, published by The Wall Street Journal, that it doesn't see oil prices trading at $100 a barrel in the next decade.

The EIA estimates that total oil output from major shale plays will drop by 86,000 barrels a day in June.

WTI crude oil for June delivery rose to $60.55 a barrel on the New York Mercantile Exchange. Brent crude oil for June increased to $65.61 a barrel on ICE Futures Europe.

Gold price traded higher as the U.S. dollar declined due to a selloff in major government bonds.

The yield on Germany's 10-year Bund rose to nearly 0.7% on Tuesday.

The yield on the 10-year Treasury note increased to 2.29% on Tuesday.

Greece yesterday began the transfer of €750 million in loans to the International Monetary Fund (IMF). A payment deadline is today.

According to Reuters, the Greek government used emergency reserves in its holding account with the IMF to repay loans.

Greece has averted a possible default, but there are no reasons for optimism yet. Eurogroup said after yesterday's meeting that it will not unlock the €7.2 billion tranche of loans until the Greek government begins reforms agreed with its creditors. Athens is struggling to meet its payment obligations.

June futures for gold on the COMEX today rose to 1196.30 dollars per ounce.

(raw materials / closing price /% change)

Oil 59.25 -0.24%

Gold 1,183.00 0.50%