Oil prices traded lower despite concerns over supply disruptions in the Middle East. The Arab coalition resumed air strikes against Houthi rebels in Yemen as a five-day humanitarian ceasefire expired late Sunday.

Islamic State captured the Iraqi city Ramadi.

Investors fear that rising oil prices could lift shale-oil production in the U.S.

Goldman Sachs lowered its crude oil price forecasts. It cut it Brent oil price forecast to $60-$65 for 2016-2019 and to $55 for 2020.

Comments by Iran's Deputy Oil Minister Rokneddin Javadi weighed on oil prices. He said that the country hopes its crude oil exports will return to 2.5 million barrels per day (pre-sanctions levels) within three months. Iran exports 1.1 barrels per day.

WTI crude oil for June delivery fell to $59.59 a barrel on the New York Mercantile Exchange. Brent crude oil for June decreased to $66.23 a barrel on ICE Futures Europe.

Gold price traded higher on the weaker-than-expected U.S. economic data. The NAHB housing market index declined to 54 in May from 56 in April. Analysts had expected the index to rise to 57. The decline was driven by lower sales and slower buyer traffic.

This figure added to speculation that the Fed will delay its interest rate hike.

Comments by Federal Reserve Bank of Chicago President Charles Evans also supported gold price. Evans said in Stockholm on Monday that the Fed should delay its interest rate hike until early 2016 as inflation in the U.S. is still low.

Evans noted that the Fed could raise its interest rate in every monetary policy meeting, depending on the incoming data. He added that he projects the U.S. economy need more time to recover from the first-quarter weakness.

The Greek debt crisis continues to support gold price.

June futures for gold on the COMEX today rose to 1227.80 dollars per ounce.

The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 8 rigs to 660 last week, the lowest weekly level since August 2010.

Combined oil and gas rigs fell by 6 to 888.

The number of oil rigs declined about 60% from its peak of 1,609 in October 2014.

(raw materials / closing price /% change)

Oil 59.69 -0.32%

Gold 1,225.30 +0.01%