MCX Crude futures end lower as Iran and the West neared a deal

MCX Crude oil News : Crude oil futures ended lower on Monday as Greek situation eased, while the concerns of supply glut increased after talks between Iran and the West neared a deal. Meanwhile, Euro zone leaders unanimously reached an agreement early Monday to start talks for a EUR 82–86 billion third bailout program for Greece after hours of negotiations. The sentiments were also weighed down by International Energy Agency latest forecast that indicated some slowing demand for crude oil next year.

Benchmark crude oil futures for August delivery declined by $0.54 or 1.0 percent, to settle at $52.20 a barrel after trading in a range of $53.17 and $51.26 a barrel on the New York Mercantile Exchange. In London, Brent crude for August delivery declined by $ 0.81 or 1.38 percent to $58.17 on the ICE.