West TX Oil Near $58 after Greece Imposes Capital Controls

U.S. crude futures fell as much as $1 in early trade after Greece imposed capital controls as lenders refused to extend the country’s bailout and with western officials saying a deal on Iran’s disputed nuclear program might be hard to achieve.

U.S. crude for August delivery had fallen 84 cents, or 1.4 percent, to $58.79 as of 0001 GMT, after closing down 7 cents on Friday to end the week at $59.63. Earlier on Monday the contract dropped as far as $58.63.  Brent crude futures lost 63 cents to $62.63, after rising 6 cents to $63.26 a barrel on Friday.

Greece will introduce capital controls and keep its banks closed on Monday after international creditors refused to extend its bailout and savers queued to withdraw cash, taking Athens’ standoff to a dangerous new level.