More Falls Expected from Oil

After another volatile session, oil looks increasingly set to test its lows of the year, and that could mean a temporary decline of near 20 percent.

Analysts say crude futures could continue to trade lower for now if the twin pressures on risk markets from Greece and China continue, and Iran succeeds in striking a nuclear deal that would ultimately mean more oil would hit an already oversupplied crude market.

On Tuesday, West Texas Intermediate futures for August traded higher early in the session and then plunged, touching the psychologically key $50 area before again reversing course. Already about 8 percent lower than at the start of the week, WTI futures lost just 20 cents Tuesday to finish at $52.33 per barrel.