Headlines
Oil prices plunge amid Greek worries
New York, July 7
Oil prices plummeted after Greece rejected debt bailout terms.
In
a Sunday referendum, more than 61 percent of Greeks voted " NO",
rejecting a proposal from international creditors that included pension
cuts, tax increases and other measures on Monday, Xinhua reported.
Analysts
said the "NO" vote increases the likelihood that Greece may eventually
exit the Eurozone and add uncertainty of European economy.
Finance
ministers from euro zone countries are expecting new proposals from
Greece in talks held Tuesday, Eurogroup said in a statement on Monday.
The
Greek debt crisis boosted the dollar. A stronger greenback made the
dollar-priced crude more expensive and less attractive for buyers
holding other currencies.
Also, China's stock markets have
declined in recent weeks, which sparked worries among investors about
oil demand from the world's important consumer.
Traders were also
eyeing the progress of Iran nuclear talks. The negotiations between
world powers and oil producer Iran to curb the latter's nuclear
ambitions dragged into final days.
The West Texas Intermediate
for August delivery moved down $4.4 to settle at $52.53 a barrel on the
New York Mercantile Exchange, while Brent crude for August delivery
decreased $3.78 to close at $56.54 a barrel on the London ICE Future
Exchange.