Crude oil plummets on risk aversion

FXStreet (Mumbai) – Oil prices at both the sides of the Atlantic fell sharply on Monday as investors ditched riskier assets after Greece decided to go on a referendum on July 5, bring the nation closer to an exit from the Eurozone.

Though Grexit would not have a direct impact on Crude, still the issue is having a negative rub-off on riskier assets.

Currently, Brent crude futures are down 2.25% at USD 61.82/barrel. WTI futures are down 2.15% at USD 58.34/barrel. The oil traders will be watching whether or not a deadline for Iran to reach an agreement over its nuclear program is extended on Tuesday.

If an agreement is reached tomorrow, Iran could begin exporting more crude to global markets, which would pressure oil prices further.

Oil prices at both the sides of the Atlantic fell sharply on Monday as investors ditched riskier assets after Greece decided to go on a referendum on July 5, bring the nation closer to an exit from the Eurozone.

(Market News Provided by FXstreet)