Crude oil is down 2%

Crude oil is sliding.

On early Monday morning in New York, the price of West Texas Intermediate crude oil was down more than 2.2%.

Across markets on Monday, we’re looking at a broad sell off after a ton of bad news out of Greece over the weekend.

In the US, stock futures are down about 1%. In Europe, stocks are off about 4% in Germany, France, Spain, and Italy, and down more than 2% in the UK.

The euro is also weaker by about 0.5% against the dollar.

The decline in assets around the world follows news this weekend that Greece will hold a referendum on its latest bailout package on July 5.

Greece’s latest bailout, however, is set to expire on Tuesday, and it looks like Greece won’t be able to make a payment due to the IMF the same day.

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