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29.06.2015 07:17 Oil: prices dropped amid Greece crisis

West Texas Intermediate futures for August delivery dropped to $58.65 (-1.64%). Meanwhile Brent crude for August declined to $62.32 (-1.49%) a barrel. Prices dropped after media reported that Greece failed to reach an agreement with its creditors. Market participants are also waiting for news on sanctions against Iran. A possibility of cancellation of sanctions spurred fears that Iranian oil might add to the global glut, however some experts say that sanctions won't be lifted until compliance is verified. At the same time the verification process can take at least 4-8 months and additional crude oil will only flow from Iran by the first-quarter of 2016 at the earliest, even if the deal is finalized by July the 5th.

Oil prices are expected to be volatile this week.

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