CL
Crude futures fell sharply on Monday plunging to monthly low, as stalled negotiations regarding the Iranian Nuclear deal and the Greek debt crisis continued to weigh. In Washington, White House press secretary Josh Earnest told reporters it is likely that negotiations with Iran aimed at reaching a final agreement on a comprehensive nuclear deal will likely extend past Tuesday's deadline. The two sides reportedly remained at odds on the pace of easing longstanding economic sanctions once a deal are reached. U.S. president Barack Obama has until July 9 to present the deal to Congress for review. Western powers would like the sanctions against Iran to be removed gradually, while Iran President Hassan Rouhani has argued for immediate removal of the crippling restrictions.
GOLD
Gold prices jumped to a one-week high on Monday, as Greece looked set to default on its debt repayment this week, boosting demand for safe-haven assets. Greek Prime Minister Alexis Tsipras abandoned negotiations with creditors on Saturday and called for a referendum to be held on July 5 on the terms proposed by lenders for extending the country’s bailout. A Greek official said Monday that banks would remain closed for six days starting on Monday to avert a crisis in the banking sector after deposit outflows accelerated over the weekend. Withdrawals at ATM machines were to be limited to €60 a day per account.
