Greek Financial Crisis Further Impacts the Price of Oil

The price of oil fell 3% on the London market on Monday morning due to Greece's rejection of debt bailout terms. Olivier Jakob, senior energy analyst at Petromatrix in Zug, Switzerland says, "Uncertainty over Greece is bearish for oil. It adds an extra negative factor on top of the turmoil in Chinese financial markets, the recent rise in U.S. drilling rigs, and a potential increase in Iranian oil supply." Brent crude oil fell to $58.75. U.S. light crude was down $3.02 to $53.91 from its pre-holiday close on July 2. Both are the lowest prices since mid-April.