Oil at 3-week low as Greek crisis pummels

Oil futures settled at their lowest level in three weeks on Monday as uncertainty surrounding the financial crisis in Greece helped send prices lower for a fourth straight session.

On the New York Mercantile Exchange, West Texas Intermediate crude for August delivery CLQ5, -0.24%  fell $1.30, or 2.2%, to settle at $58.33 a barrel. Prices logged their lowest settlement since June 8.

August Brent crude LCOQ5, -0.15%  fell $1.25, or 2%, to $62.01 a barrel on London’s ICE Futures exchange.

The Greek government has called a referendum for Sunday and has shut down the banking system as it tries to resolve its five-year debt crisis. The move puts Greece closer than ever to an exit from the euro, raising doubts about the future of the common currency.

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