Oil prices slumped to three-month lows on Monday and the bearish sentiment not expected to shift any time soon thanks to a crisis in Greece, the stocks rout in China and Iran supply fears.
Benchmark Brent crude oil futures fell more than 2 percent to as low as $58.90 a barrel, while U.S. crude futures tumbled almost 5 percent to about $54.32. Amrita Sen, chief oil analyst at Energy Aspects consultancy, told CNBC that Brent crude could fall to $55, while U.S. oil prices could weaken to the low-$50s-a-barrel range.
“This is all about the macro picture right now – Greece, the Chinese stock market and the stronger dollar, which are all having a big, big, impact on oil,” she said.
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