Oil prices traded lower on the stronger U.S. dollar. The greenback rose on Friday's comments by Federal Reserve Chair Janet Yellen. She noted that she expects the interest rate to be raised this year.

Today' U.S. economic data also supported the U.S. dollar. The U.S. durable goods orders declined 0.5% in April, missing expectations for a 0.4% decrease, after a 5.1% gain in March.

The U.S. durable goods orders excluding transportation rose 0.5% in April, in line with expectations, after a 0.6% increase in March.

The Conference Board's consumer confidence index rose to 95.4 in May from 94.3 in April, exceeding expectations for a rise to 95.0.

Concerns over the oil glut also weighed on oil prices. If oil prices stabilize at current levels, shale oil producers could add rigs in the coming months.

WTI crude oil for July delivery decreased to $58.18 a barrel on the New York Mercantile Exchange.

Brent crude oil for July fell to $64.40 a barrel on ICE Futures Europe.

Gold price traded lower on the stronger U.S. dollar. The greenback rose on Friday's comments by Federal Reserve Chair Janet Yellen. She noted that she expects the interest rate to be raised this year.

"If the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target," Yellen said.

Today' U.S. economic data also supported the U.S. dollar. The U.S. durable goods orders declined 0.5% in April, missing expectations for a 0.4% decrease, after a 5.1% gain in March.

The decline was driven by lower orders for commercial aircraft.

The U.S. durable goods orders excluding transportation rose 0.5% in April, in line with expectations, after a 0.6% increase in March.

The Conference Board's consumer confidence index rose to 95.4 in May from 94.3 in April, exceeding expectations for a rise to 95.0.

June futures for gold on the COMEX today decreased to 1184.80 dollars per ounce.

China's Ministry of Finance said in a statement on Monday that it will lower import taxes on some products such as cosmetics, shoes, clothes and diapers in June to boost domestic consumption. The government will cut import taxes by an average over 50%.