WTI crude oil for August delivery was down 2.38% to $58.21 a barrel Monday afternoon and Brent crude oil for August delivery was down 2.17% to $61.89 a barrel, according to the CNBC.com index.
On Sunday, the European Central Bank met in an emergency session where it chose not to expand a lifeline of emergency funds, The Wall Street Journal reports.
To resolve its debt crisis, Greece shut down its banking system which could bring the country closer to exiting the euro, the Journal said.
Greece's Capital Markets Commission said that the country's stock market will be closed for as long as banks are not open, according to the Journal.
Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
Highlights from the analysis by TheStreet Ratings Team goes as follows: