Crude oil futures plunged on Monday to end at three months low; on demand growth concerns after Greek voters rejected a bailout offer proposed by its international creditors. The 'no' vote in the referendum has added to recent concerns about Greece defaulting and exiting from the eurozone. Prices were also impacted on rising concerns of a global oversupply situation with a potential nuclear deal between Iran and the West in the offing. The two sides are expected to come to an agreement over Iran's nuclear program, the deadline for which is Tuesday.
Benchmark crude oil futures for August delivery slumped by $4.40 or 7.7 percent, to settle at $52.53 a barrel after trading in a range of $55.34 and $52.41 a barrel on the New York Mercantile Exchange. In London, Brent crude for August delivery fell by around 6 percent to $56.55 a barrel on the ICE.
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