SINGAPORE: Oil prices fell sharply early on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of steps to prevent a full-blown stock market crash.
International benchmark Brent futures were down around half a dollar at $59.80 per barrel at 0200 GMT, and U.S. crude futures were at $55.07 a barrel, down almost $2 since they last traded before the July 4 4 national holiday.
The falls meant that both crude futures were at their lowest levels since mid-April.
The result of the Greek referendum put in doubt its continued place in the single currency, pulling down the euro in early trading on Monday.
“With Greece reserves running low and no immediate bailout funds on the horizon, Greece is on a straight path out of the euro zone,” said Howie Lee of Singapore-based brokerage Phillip Futures.
