Crude settled down 3.65 percent at $57.26 a barrel as high supplies meant that markets remain oversupplied.
Gold rose after Federal Reserve minutes showed policy makers believed it would be premature to raise interest rates in June.
U.S. stocks closed higher, with the Dow and S&P setting records, as investors shook off concerns about Greek debt and a renewed rise in bond yields.
U.S. government debt prices slipped on Monday after the release of housing market data.
European shares closed higher on Monday after trading in and out of the red during the trading session, amid growing concerns about the future of cash-strapped Greece.
A new trading week ushered in another mixed trading session for Asia, as investors' confidence wavered following more below-view data from China.
The dollar made broad-based gains, recovering some ground after several weeks of selling that brought the greenback to more attractive levels.
U.S. stocks closed narrowly mixed in choppy trade on Friday, as disappointing data weighed on investor sentiment amid dollar declines and lower bond yields
U.S. stock index futures indicated Wall Street would follow European markets higher on Tuesday, after finishing at record highs on Monday.
Gold hit three-month highs, rising for a fifth session, as a run of soft US data supported beliefs that the Fed will hold off hiking rates for now.
U.S. Treasury yields slipped on Friday on more economic data and after a 30-year auction that met with lackluster demand.
WTI settled down as a rallying dollar weighed on the commodities complex amid a bearish price outlook by Goldman Sachs.
European equities finished lower, having fluctuated for much of the session on Friday, following weak US data and strength in the euro.
Stock markets in Shanghai were the biggest laggards on Friday, while the rest of Asia advanced on the back of an impressive U.S. lead.
Gold closed higher, logging their biggest weekly gain since mid-January as soft US consumer sentiment data weighed on the dollar.
U.S. stock index futures indicated a flat-to-lower open on Monday, with housing market indicators set to dominate this week after a run of soft economic data.
US oil closed lower on Friday but managed to end the week slightly higher, marking its ninth straight weekly gain.
U.S. stocks closed one percent higher on Thursday as investors cheered further weakness in the dollar and calmer bond markets, amid mixed economic data.
The Treasury Department auctioned $16 billion in 30-year bonds at a high yield of 3.044 percent, which was the highest since November.
The dollar fell to a 3-month low against the euro as disappointing data on factory activity and consumer sentiment spurred doubts about recovery.
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What's the harm in waiting six months to raise rates? asks "Fast Money" trader Brian Kelly.
"If I look at the global economy as it stands at the moment...we have a situation where growth is a little bit tepid," Lagarde said.
Consumers in Southeast Asia remain the most upbeat globally, but external and domestic fears may be dampening their optimism, according to Nielsen.