Oil prices slump amid worries of supply glut

London

OIL prices came under pressure last week from concerns about Greece's future in the eurozone and the possibility of higher Iranian crude supplies. Gold failed to benefit from its status as a haven investment.

Prices slumped with focus on high US output as traders looked ahead to Greece's weekend referendum that could determine whether it remains in the eurozone. Traders were worried about a global supply glut and the first rise in the US oil-rig count this year.