ANKARA
The price of Brent oil fell below $60 a barrel on Monday after Greece rejected its creditors' bailout terms.
The price of the global benchmark closed last Friday at $60.32 per barrel and fell to $58.80 on Monday, marking a 2.5 percent decline and taking the price to its lowest in 12 weeks.
Greece’s “No” vote raised fears that the EU would be drawn into the crisis, lowering demand for crude oil. "A Grexit from the eurozone has incalculable risks for Greece and possibly for Spain, Italy and the EU," Markus Thiel, an international relations professor Florida International University, told Anadolu Agency.
"Unless there is a better agreement in which the debt load is being reduced and Greece on its part implements better reform proposals, nothing will improve."
