Oil pared its first monthly decline since March in New York after an official said the European Union contacted Greece to detail how a last-minute bailout accord could still be reached.

West Texas Intermediate futures rose 0.7 percent, trimming their loss in June to 2.6 percent. European Commission President Jean-Claude Juncker contacted Greek Prime Minister Alexis Tsipras Monday with the proposal, according to an EU official who asked not to be identified because the talks were private. U.S. and European diplomats meeting in Vienna said a comprehensive nuclear agreement with Iran can be reached within days, extending talks beyond a Tuesday deadline.

West Texas Intermediate for August delivery advanced 43 cents to $58.76 a barrel in electronic trading on the New York Mercantile Exchange at 11:24 a.m. London time. The contract declined $1.30 to $58.33 on Monday. Total volume was about 43 percent below the 100-day average for the time of day.

The U.S. benchmark crude has advanced 23 percent since the end of March, poised for the first quarterly gain in a year, and is up 10 percent in 2015.

Source: Bloomberg