Oil marks lowest settlement in nearly 3 months

Oil futures sank to their lowest settlement in nearly three months Monday, as traders fretted the fallout from Greek turmoil as well as a potential Iranian nuclear deal, which may result in a flood of millions of barrels of oil to global supplies.

August crude CLQ5, +0.88% dropped $4.40, or 7.7%, to settle at $52.53 a barrel on the New York Mercantile Exchange.

Nymex oil saw the lowest settlement for a most-active contract since April 13 and prices marked their largest single-session dollar and percentage decline since February 4.

Brent crude LCOQ5, +1.13% traded on the ICE Futures exchange fell $3.78, or 6.3%, to $56.54 a barrel — the lowest settlement since April 8.

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