The commodity is falling following the latest development regarding the Greek debt crisis.
Crude oil (WTI) is slipping by 2.10% to $58.38 per barrel and Brent crude is retreating by 2.29% to $61.81 per barrel this morning, according to the CNBC.com index.
On Monday, Greece announced it has closed it banks until July 6 and issued capital controls, which has caused investors to run from risky assets and also weakened the outlook for demand, Reuters reports.
"This may be the time when we break lower and into the $50s for Brent as we have a full week of uncertainty," SEB head of commodity analysis Bjarne Schieldrop told Reuters.
Greece and its international creditors were holding talks on Saturday as part of a last minute effort to keep the country from defaulting by agreeing to a number of reforms. The discussions were interrupted when Greece's Prime Minister Alexis Tsipras announced he is calling for a referendum on July 5.
The referendum is essentially a vote on measures its creditors have demanded in return for more bailout funds, The Wall Street Journal reports.
Chevron is a San Ramon, CA.-based crude oil and natural gas explorer, developer and producer.
Separately, TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: