West Texas Intermediate futures for August delivery slid to $58.23 (-0.17%). Meanwhile Brent crude for August is staying around $62.04 (+0.05%) a barrel. Prices are weighed by Greece default fears as the country is going to miss today's deadline on a €1.6 billion debt payment to the IMF.
At the same time Iran nuclear deal deadline is also expected to be missed today. However some sources said that a deal could be reached within days. If sanctions are lifted, Iran, OPEC's fifth-largest producer, can double its exports within half a year. Supplies are already excessive and extra crude from Iran could intensify this issue.