Last Monday's large percentage decline in crude oil prices was relatively rare

The front-month futures price for crude oil benchmark West Texas Intermediate declined 7.7% on Monday, July 6, the largest single-day decline in percentage terms since February 4. Uncertainty over Greece's fiscal position, volatility in the Chinese stock market, and uncertain prospects for a nuclear deal with Iran were cited as immediate factors affecting expectations for future crude oil supply and demand. Other market indicators over past weeks, such as the stabilization of the U.S. rig count and growing petroleum product inventories, may have also contributed to lower prices. More »