Oil prices traded lower as market participants expect that U.S. crude oil inventories will increase again. U.S. crude oil inventories rose 14 weeks in row. Analysts expect U.S. inventories to climb by 2.5 million barrels last week.

Comments by Iran's oil minister Bijan Namdar Zanganeh also weighed on oil prices. He said on Tuesday that the country expects the Organization of the Petroleum Exporting Countries (OPEC) will "create the necessary space for an increase in Iran's oil supply on world markets". According to Zanganeh, Iran wants to return to its pre-sanctions level.

Concerns over escalating conflict in Yemen which could lead to a disruption to oil supplies support oil prices.

WTI crude oil for June delivery fell to $57.61 a barrel on the New York Mercantile Exchange. Brent crude oil for June decreased to $62.80 a barrel on ICE Futures Europe.

Gold price traded higher on Greek debt problems. Greece is still running out of cash, and it needs a new tranche of loans. The Greek government hopes to unlock a new tranche of loans at the Eurogroup meeting on April 24. Some European officials expressed concerns that an agreement between Greece and its creditors will be signed this week.

The head of the Eurogroup Jeroen Dijsselbloem said today that he expects that Greece and its creditors will sign an agreement in the coming weeks. He added that a Greek exit could lead to "very dangerous instability" in the Eurozone.

"It's in the interests of Greece and the euro zone as a whole to avoid that," Dijsselbloem said.

The European Central Bank (ECB) is studying measures on Greek banks in return for emergency liquidity. The ECB staff have proposed to increase the haircuts on Greek bank collateral when borrowing from the Bank of Greece, people with knowledge of the situation said.

The proposal hasn't been discussed by the ECB Governing Council.

June futures for gold on the COMEX today rose to 1197.60 dollars per ounce.

(raw materials / closing price /% change)

Oil 56.38 +1.15%

Gold 1,195.80 +0.18%