Oil prices traded higher on a stronger U.S. dollar. The U.S. dollar declined against the other currencies on the uncertainty over the Greek debt talks. Yesterday's debt talks were unsuccessful. The European Commission's Valdes Dombrovskis said that the Eurogroup is ready to continue the debt talks.

European Council President Donald Tusk called the Eurozone leaders' meeting for Monday at 17:00 GMT in Brussels.

Investors closely monitored the situation in Saudi Arabia. They are concerned that Saudi Arabia may increase its oil production despite the global oil glut if oil demand rises. Saudi Arabian oil minister Ali al-Naimi said that he was optimistic about the oil market in coming months.

The prospect of a deal over Iran's nuclear program, which would allow Iran to increase oil exports, also weighed on oil prices.

WTI crude oil for July delivery decreased to $59.35 a barrel on the New York Mercantile Exchange.

Brent crude oil for July fell to $62.79 a barrel on ICE Futures Europe.

Gold price traded lower due to a stronger U.S. dollar. The uncertainty over the Greek debt problem supported gold price. Yesterday's debt talks were unsuccessful. The European Commission's Valdes Dombrovskis said that the Eurogroup is ready to continue the debt talks.

European Council President Donald Tusk called the Eurozone leaders' meeting for Monday at 17:00 GMT in Brussels.

"It is time to urgently discuss the situation of Greece at the highest political level," he said.

The European Central Bank (ECB) on Friday raised the amount the Greek central bank can lend its banks by €3.3 billion.

June futures for gold on the COMEX today fell to 1199.10 dollars per ounce.

West Texas Intermediate crude prices for July delivery fell by 0.16% to $60.72 as U.S. shale oil producers projected greater output for the year despite cuts in drilling works. Brent crude for August declined by 0.11% to $64.19 a barrel.

Saudi Arabia's media reported that the country's Oil Minister Ali al-Naimi said after a meeting with Russian Energy Minister Alexander Novak that he is optimistic about the coming months, considering that demand increased worldwide. Naimi also noted that commercial stocks declined and prices improved.

Media also reported that representatives of Russia and Saudi Arabia plan to discuss a cooperation agreement at an economic forum in St Petersburg.

This morning gold has declined slightly to $1,201.00 (-0.08%) an ounce, but remained near the highest level in three weeks. The metal reached $1,205.80 on Thursday, the highest since May the 26th, after the Federal Reserve signaled it would be patient regarding rate hikes and would wait for more progress in the economy. The ongoing concerns over Greece have supported bullion too.

(raw materials / closing price /% change)

Oil 60.48 +0.05%

Gold 1,201.50 -0.04%