Brent crude traded higher on concerns over a disruption to oil supplies support due to fights in Yemen, while WTI crude oil declined.

Saudi Arabia continued airstrikes against the Iran-allied Houthi rebels in Yemen.

Analysts expect that the U.S. oil production will decline. The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 31 rigs to 703 last week, the lowest weekly level since October 2010. Combined oil and gas rigs fell by 22 to 932, the lowest level since July 2009.

WTI crude oil for June delivery declined to $56.71 a barrel on the New York Mercantile Exchange. Brent crude oil for June rose to $65.31 a barrel on ICE Futures Europe.

Gold price rose on the Greek debt problem and the soft U.S. economic data. Friday's Eurogroup meeting ended without any results as widely expected. Discussions between the Greek government and its creditors will continue at the next Eurogroup meeting on May 11.

The head of the Eurogroup Jeroen Dijsselbloem rejected the idea of a "Plan B" for Greece if the debt talks are not successful.

The idea was raised by ministers from Slovenia, Slovakia and Lithuania at the Eurogroup's meeting on Friday.

The Prime Minister Alexis Tsipras held phone calls with German Chancellor Angela Merkel and Dijsselbloem on Sunday to discuss speeding up the negotiations. According to the Greek government, Greece will resume talks with its creditors today.

German Finance Minister Wolfgang Schaeuble hinted on Saturday that Germany was preparing for a possible Greek default.

The recently released soft U.S. economic data also supported gold price ahead of the Fed's monetary policy meeting. The U.S. preliminary services purchasing managers' index (PMI) declined to 57.8 in April from 59.2 in March, beating expectations for a decrease to 57.4. The decline was driven by a decrease in new business growth.

It is likely that the Fed will delay its first interest rate hike.

June futures for gold on the COMEX today climbed to 1203.90 dollars per ounce.

China's National Bureau of Statistics released its industrial profits data for China on Monday. Industrial profits in China fell 2.7% year-over-year in the first quarter of 2015 to 1.25 trillion yuan.

Industrial profits declined 0.4% from a year ago to 508.61 billion yuan.

Mining profits plunged 61% in the first quarter of 2015 from a year earlier, while manufacturing profits rose by 4.9%.

The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 31 rigs to 703 last week, the lowest weekly level since October 2010.

Combined oil and gas rigs fell by 22 to 932, the lowest level since July 2009.

(raw materials / closing price /% change)

Oil 57.15 -1.02%

Gold 1,179.90 +0.42%