LONDON: Oil prices plunged on Monday as investors digested the implications of Greece rejecting tough austerity demands from creditors.

The crude market was also pushed sharply lower by the prospect of returning Iranian crude oil supplies, they added.

Brent North Sea crude for August delivery plummeted $1.98 to $58.34 a barrel in London early afternoon deals, compared with Friday’s closing level. West Texas Intermediate for August delivery plunged $2.79 to $54.14 a barrel compared with Thursday.—AFP

Published in Dawn, July 7th, 2015

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