Oil prices plunge as investors digest the implications of Greece rejecting tough austerity demands from creditors that could send the debt-strapped nation crashing out of the eurozone, analysts say.
The crude market was also pushed sharply lower by the prospect of returning Iranian crude oil supplies, they added.
Brent North Sea crude for August delivery plummets $1.98 to $58.34 a barrel in London early afternoon deals, compared with Friday’s closing level.
West Texas Intermediate for August delivery plunges $2.79 to $54.14 a barrel compared with Thursday, after which US markets shut ahead of the long Independence Day holiday weekend in the United States.
“Commodity markets have largely responded in the ways we had anticipated to the growing risks of Grexit,” says analyst Julian Jessop at research house Capital Economics.
“Oil prices in particular have fallen, undermined also by the prospects of a deal with Iran and signs of recovery in the US rig count.”
— AFP
Illustrative: A new well is drilled beside pumping Jacks at the Chevron section of the Kern River Oil Field near Bakersfield, California, on June 24, 2015. (Mark Ralston/AFP)
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