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Oil prices fell in Asia today on fears about Greece's future in the eurozone after it was hit with a bailout reform ultimatum, while analysts said the bloodbath in Chinese equities was spilling into other markets.
US benchmark West Texas Intermediate for August delivery dropped 14 cents to $52.19 a barrel and Brent tumbled 13 cents to $56.72, both reversing an earlier uptick.
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"The global picture for commodities does not bode well," said Bernard Aw, market strategist at IG Markets in Singapore.
Commodities such as oil were taking a beating "with the Greece situation getting from bad to worse" and the stocks plunge in China stoking fears across Asian markets, he said.
Shanghai stocks plunged nearly 7% today as additional government moves failed to staunch a more than three-week sell-off that has seen in plunge by about a third.
Hong Kong equities sank 4.74% and market-watchers warned of contagion.
"China's stock market rout is now spreading to other financial markets, creating a sweeping sense of panic and liquidity crunch," said Zheng Ge, an analyst at Wanda Futures Co.
The crises are putting pressure on oil prices at a time when the global crude market is already oversupplied, analysts said. China is the world's second biggest economy and its top energy consumer.
European leaders gave debt-stricken Greece a final deadline of Sunday to reach a new bailout deal and avoid crashing out of the euro, after Greek voters rejected international creditors' plans in a weekend referendum.
Rising US crude production and a possible return of Iranian oil to global markets - should western powers and Tehran reach a deal on its nuclear programme - are widely expected to amplify the global supply glut.
