Crude oil futures extending their decline have made a weak start on Monday, ignoring news that European leaders gave Greek Prime Minister Alexis Tsipras three days to enact their main demands to keep alive chances of adding bailout funds. Crude prices were mainly weighed down by prospects of Iran increasing crude exports in an oversupplied market. Iran and world powers may announce a nuclear deal as soon as Monday after a political agreement was reached to lift a United Nations arms embargo.
Benchmark crude oil futures for August delivery declined by 97 cents to $51.77 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent for August delivery lost $1.12 or 1.9 percent, to $57.61 a barrel on the ICE.
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