Oil prices rose ahead of the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

Hopes for a last-minute deal between Athens and its lenders supported oil prices. According to a statement from the office of the Prime Minister Alexis Tsipras, the Greek government has requested a 2-year bailout programme from the European Stability Mechanism (ESM) to fully cover its financing needs, including restructuring of debt.

Athens said that it will continue debt talks seeking a "viable agreement" within the Eurozone.

The head of the Eurogroup Jeroen Dijsselbloem said on Tuesday that Eurozone finance ministers will have a teleconference today at 17:00 GMT to discuss the latest proposals from Greece to keep the bailout negotiations going.

"Extraordinary Eurogroup teleconference tonight 19:00 Brussels time to discuss official request of Greek government received this afternoon", he twitted.

Traders also expect the results of talks on the Iranian nuclear program. Talks will continue as it is unlikely that all issues can be resolved before June 30.

WTI crude oil for August delivery increased to $58.81 a barrel on the New York Mercantile Exchange.

Brent crude oil for August rose to $63.01 a barrel on ICE Futures Europe.

Gold traded lower on a stronger U.S. dollar. The greenback rose against the other major currencies after the release of the better-than-expected U.S. consumer confidence index. The Conference Board's consumer confidence index for the U.S. rose to 101.4 in June from 94.6 in May, exceeding expectations for a rise to 97.2. May's figure was revised down from 95.4.

The increase was driven by the better outlook for both current conditions and expectations for the next six months.

"Over the past two months, consumers have grown more confident about the current state of business and employment conditions. Overall, consumers are in considerably better spirits and their renewed optimism could lead to a greater willingness to spend in the near-term," the director of economic indicators at The Conference Board, Lynn Franco, said.

The Greek debt crisis remained in focus. According to a statement from the office of the Prime Minister Alexis Tsipras, the Greek government has requested a 2-year bailout programme from the European Stability Mechanism (ESM) to fully cover its financing needs, including restructuring of debt.

Athens said that it will continue debt talks seeking a "viable agreement" within the Eurozone.

The head of the Eurogroup Jeroen Dijsselbloem said on Tuesday that Eurozone finance ministers will have a teleconference today at 17:00 GMT to discuss the latest proposals from Greece to keep the bailout negotiations going.

"Extraordinary Eurogroup teleconference tonight 19:00 Brussels time to discuss official request of Greek government received this afternoon", he twitted.

August futures for gold on the COMEX today declined to 1168.20 dollars per ounce.

Gold slid to $1,176.40 (-0.22%) an ounce despite Greece default fears. The country is expected to default on its €1.6 billion debt payment to the International Monetary Fund today. However it seems that the influence of today's rebound in stocks matters more. A relatively strong dollar and Fed rates outlook also weighs on bullion.
Investors are traditionally attracted to gold at times of crisis or uncertainty. However this time bullion's gains are modest and short-lived. The situation may change if default crisis spreads to other countries in any part of the world.

West Texas Intermediate futures for August delivery slid to $58.23 (-0.17%). Meanwhile Brent crude for August is staying around $62.04 (+0.05%) a barrel. Prices are weighed by Greece default fears as the country is going to miss today's deadline on a €1.6 billion debt payment to the IMF.
At the same time Iran nuclear deal deadline is also expected to be missed today. However some sources said that a deal could be reached within days. If sanctions are lifted, Iran, OPEC's fifth-largest producer, can double its exports within half a year. Supplies are already excessive and extra crude from Iran could intensify this issue.

(raw materials / closing price /% change)

Oil 58.27 -0.10%

Gold 1,179.60 +0.05%