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Oil price fell on concerns over the global oil glut as a deal on Iran's nuclear programmes could be reached soon. The deal could lead to a higher oil supply.

News that Saudi Arabia increase its crude oil production also weighed on oil prices. OPEC said on Monday that oil production in Saudi Arabia rose to 10.56 million barrels per day in June, up 231,000 barrels per day from May.

OPEC also said on Monday that it expects its own crude oil demand to climb by 860,000 barrels per day in 2016 to 30.07 million barrels per day. The forecast for this year was cut by 100,000 barrels per day to 29.21 million barrels per day.

OPEC's crude oil output rose by 283,000 barrels per day to 31.38 million barrels per day in June, led by Iraq, Saudi Arabia and Nigeria.

A deal between Greece and its lenders supported oil prices. "EuroSummit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support," European Council President Donald Tusk said on Monday.

The deal needs to be approved by national parliaments before talks about a bailout programme can start.

The Greek government should have to pass a series of reforms, including tax and pensions reforms, into law by Wednesday to restore trust.

WTI crude oil for August delivery decreased to $52.34 a barrel on the New York Mercantile Exchange.

Brent crude oil for August fell to $58.37 a barrel on ICE Futures Europe.

Gold traded lower on a stronger U.S. dollar as a deal between Greece and its creditors has been reached and on Friday's comments by the Fed Chair Janet Yellen.

The deal needs to be approved by national parliaments before talks about a bailout programme can start.

The Greek government should have to pass a series of reforms, including tax and pensions reforms, into law by Wednesday to restore trust.

"The advantages far outweigh the disadvantages. The country which we help has shown a willingness and readiness to carry out reforms," German Chancellor Angela Merkel said on Monday.

Federal Reserve Chair Janet Yellen said on Friday that she expects the interest rate hike by the Fed at some point this year. But she added that the U.S. labour market remains week.

August futures for gold on the COMEX today declined to 1152.80 dollars per ounce.

The Chinese Customs Office released its trade data on Monday. China's trade surplus fell to $46.54 billion in June from $59.49 billion in May, missing expectations for a decline to a surplus of $55.7 billion.

Exports rose at an annual rate of 2.8% in June. It was the first increase in in four months.

Imports slid at an annual rate of 6.1% in June. It was the eight consecutive decline.

China's trade was driven by the Greek debt crisis, weak external demand in general, rising labour costs and a stronger yuan.

The oil driller Baker Hughes reported that the number of active U.S. rigs rose by 5 rigs to 645 last week. It was the second consecutive weekly increase.

Combined oil and gas rigs climbed by 9 to 868.

West Texas Intermediate futures for August delivery dropped to $51.37 (-2.60%); Brent crude declined to $56.93 (-3.06%) as markets anticipated Iran and global powers to make a deal, which would pour more oil into oversupplied markets. However additional exports in the form of 500,000 to 700,000 barrels a day is unlikely before late 2015 or early 2016.

Data from China showed Monday that the country's crude imports in the first half of the current year rose 7.5% from a year ago, but that failed to support prices because the increase was mostly led by stockpiles of strategic reserves rather than by a real rise in demand.

Several banks have lowered their oil price forecasts amid excessive supplies.

Gold is currently at $1,159.20 (+0.11%) an ounce. The metal is weighed by news that Greece will implement several reform projects in order to negotiate on a third bailout program estimated up to €86 billion. U.S. rates outlook also keeps pressure on bullion. Federal Reserve Chair Janet Yellen said Friday that the central bank would raise rates before this year ends.

Yellen said that the U.S. economy should perform well and show steady progress for the rest of the year, justifying the Fed's plan to proceed with its first rate hike in nearly a decade. However she noted that the U.S. labor market remained weak and that more workers could be encouraged to return to the job market.

Physical demand remained weak.