Oil falls on Greece vote

Oil prices fell sharply on Monday after Greece rejected debt bailout terms and as China rolled out emergency measures to prevent a full-blown stock market crash, adding to worries about poor demand growth at a time of global oversupply. The result of Greece's referendum has put in doubt its membership in the euro, pulling down the single currency EUR= against the dollar. A strong dollar tends to pressure commodities as it makes fuel more expensive for holders of other currencies. Commodities were also sucked into market turmoil that has seen Chinese shares .CSI300 fall as much as 30 per cent since June due in part to an economy that is growing at its slowest pace in a generation. Benchmark Brent crude oil LCOc1 was down 50 cents at $59.82 a barrel at 0725 GMT. US light crude CLc1 traded at $55.05 a barrel, down almost $1.82 from its close on July 2. July 3 was a US national holiday, according to Reuters.