Oil price drops to three-month low on worries over Eurozone

Caitlin Morrison
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Benchmark prices for Brent crude and WTI both fell yesterday, after weeks of rallying
Oil prices fell below $60 a barrel yesterday, as the shockwaves from the Greek “no” vote pushed prices further down.

Yesterday marked the first time since April that internationally traded Brent crude fell so low, at one point dipping to as little as $56.50 a barrel. US benchmark West Texas Intermediate was also trading at a three-month low, at one point down to $52.41 a barrel.

Meanwhile, data from Platts showed that oil production from the Organization of the Petroleum Exporting Countries totalled 31.28m barrels per day (b/d) in June, up 170,000 b/d from May and the fourth consecutive monthly increase since February.

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