Oil Falls Most in Five Months as Greece, China Boost Demand Risk
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Crude tumbled the most in five months amid mounting concern about economic stability in Europe and Asia.
Futures dropped 7.7 percent in New York and 6.3 percent in London. European leaders will hold an emergency summit Tuesday after Greek voters rejected creditors’ bailout terms. China is seeking to restore investor confidence after the Shanghai Composite slumped since mid-June. U.S. Secretary of State John Kerry tempered expectations that diplomats in Vienna will quickly reach a deal with Iran.