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Oil prices declined on concerns over the possible Greek exit from the Eurozone. 61.31% of Greeks voted "No" in the Sunday's referendum, while 38.69% of Greeks voted "Yes".

Greek Finance Minister Yanis Varoufakis has resigned after the referendum.

According to a Greek government official, Greek Prime Minister Alexis Tsipras spoke by phone on Monday with Germany's Chancellor Angela Merkel. He agreed to present new Greek proposal at Tuesday's European Union (EU) summit.

Traders expect the results of talks on the Iranian nuclear program. A deal could lead to a higher oil supply.

WTI crude oil for August delivery decreased to $53.91 a barrel on the New York Mercantile Exchange.

Brent crude oil for August fell to $58.28 a barrel on ICE Futures Europe.

Gold traded lower on a stronger U.S. dollar. The U.S. dollar rose against the other major currencies after the referendum in Greece. 61.31% of Greeks voted "No" in the Sunday's referendum, while 38.69% of Greeks voted "Yes".

Greek Finance Minister Yanis Varoufakis has resigned after the referendum.

According to a Greek government official, Greek Prime Minister Alexis Tsipras spoke by phone on Monday with Germany's Chancellor Angela Merkel. He agreed to present new Greek proposal at Tuesday's European Union (EU) summit.

August futures for gold on the COMEX today fell to 1161.90 dollars per ounce.

West Texas Intermediate futures for August delivery dropped to $54.74 (-3.85%); Brent crude declined to $59.53 (-1.31%) a barrel amid the results of Greek referendum and more attempts to support China stock markets. Official figures have shown that 61.31% of Greeks rejected Europe's latest bailout offer and fueled fears of Greece's exit from the single currency area. Prospects of additional supply from Iran have also weighed on oil prices (various sources suggest that an agreement between Iran and global powers might be reached within days, allowing OPEC's fifth-largest producer to nearly double its exports).

Gold is currently at $1,167.20 (+0.32%) an ounce. The metal advanced due to its safe-haven appeal at the beginning of the session after sources reported that 61.31% of Greeks had voted against Europe's latest bailout offer. Later on bullion has erased its early gains although it usually becomes more attractive at times of financial uncertainties.

The failure to sustain gains shows the importance of Fed interest rates prospects as the regulator prepares for a liftoff. Strong U.S. dollar also keeps gold under pressure.