| Oil is expected to spiral even lower, as concerns about global growth collide with record production and the potential for more supply from Iran. West Texas Intermediate crude futures plunged 7.7 percent Monday and were in official correction territory, with a decline of more than 11.5 percent since July 1. Brent was more than 6 percent lower.
Oil plummeted on fresh worries that Greece's anti-austerity referendum could lead to its exit from the euro zone, creating negative fallout across the region's economy. "The drop in oil is going to stop, but not for now," said Francisco Blanch, head of global commodities and derivatives research at Bank of America Merrill Lynch. "You've got every cylinder pointing south. You don't want to try to grab this falling knife."..............................................Full Article: Source
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