Crude oil is the largest selling actions return experienced in five months. Crude oil prices fell 8 percent because of the rejection of the bailout of Greece's debt and the China stock market terkontraksi.
Adding to the pressure on oil, Iran and countries of barant will to meet the nuclear agreement with a deadline of July 7. If sanctions against Tehran to subside, then it can bring more supply to the market.
"With the number of elements of a bearish market overload now, only support has a seasonal demand against gasoline," said analysts at the New York hedge fund energy Again Capital, John Kilduff.
U.S. crude oil futures CLc1, down, USD4,40 or 7.7 percent to USD52,53 per barrel. This is the largest percentage decline for U.S. crude oil since the beginning of February. While Brent crude LCOc1 settled down,, USD3,78 or 6.3 percent to USD56,54 per barrel.
Commodities also sucked into the chaos of the market due to the fall in the Chinese stock market. CSI300 fell as much as 30 percent since June because the economy is growing at the slowest pace in a decade.
Oil prices were also weighed down by signs that U.S. shale pengebor back to the field, with the number of oil rigs rose last week for the first time since December.
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