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Oil futures settled back under $60 a barrel Thursday as traders weighed energy-demand implications tied to Greece’s debt woes and looked ahead to next week’s deadline for a deal on Iran’s nuclear program.

On the New York Mercantile Exchange, July crude CLQ5, -0.10%  declined by 57 cents, or 1%, to settle at $59.70 a barrel following a loss of 1.2% a day earlier. Brent crude for August delivery LCOQ5, +0.30%  fell 29 cents, or 0.5%, to $63.20 a barrel on London’s ICE Futures exchange.

“For crude oil, the main impact from Greece would be on what that means for [the] U.S. dollar and for European demand,” said Colin Cieszynski, chief market strategist at CMC Markets.

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