Oil prices extend losses as Greece default looms

Singapore: Oil prices extended losses in Asia on Tuesday on expectations Greece will miss a key debt repayment later in the day and edge closer to a eurozone exit, analysts said. US benchmark West Texas Intermediate (WTI) for August delivery fell 23 cents to $58.10 while Brent crude for August eased 15 cents to $61.86 in late-morning trade.

WTI sank $1.30 and Brent lost down $1.25 on Monday. Crude tracked losses in global equity markets on Monday after Greek Prime Minister Alexis Tsipras stunned the world at the weekend by breaking off bailout reform talks and calling for a referendum on austerity conditions demanded by its creditors. The move means Athens is unlikely to agree a deal to unlock bailout funds to repay an IMF debt by the end of Tuesday, putting it in default and in danger of crashing out of the eurozone.