Oil Logs Lowest Settlement Since April

By Myra P. SaefongMarketWatch Pulse

Oil futures settled on Monday at their lowest level since mid-April. Analysts attributed the decline to concerns that the Greek debt turmoil may hurt energy demand in Europe. A potential agreement between Iran and the West over Iran's nuclear program may also result in the addition of millions of barrels of crude oil to the global market. August crude dropped $4.40, or 7.7%, to settle at $52.53 a barrel on the New York Mercantile Exchange. Tracking the most-active contracts, that was the lowest settlement since April 13.

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