Oil hits three-week lows as Greece crisis worsens; eyes on Iran

Crude futures hit 3-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market. Also, the Iran deadline for a nuclear pact could be pushed out by a week or so from tomorrow, so it's a risk-off day," said Tariq Zahir, an oil bear at Tyche Capital Advisors in Laurel Hollow, New York. Some analysts said crude prices could weaken further as the Greek situation will not likely be resolved until a referendum at the weekend on whether to accept conditions for a bailout.

Oil hits three-week lows as Greece crisis worsens; eyes on Iran source: http://finance.yahoo.com/news/oil-prices-fall-greek-imposes-031500020.html